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GENERAL 


BUSINESS 





BSC may Yugoslav 

ask for dinar 

more devalued 

funds by 20% 


Government will seek 
way to curb imports 


British - Steel chairman Ian 
MacGregor hinted that he 
would ask the Government to 
boost investment in Use 
corporation beyond the 2365m 
external , financing limit for 
1982-83.' 

He will also ask Government 
to back further plant closures 
to stem mounting losses. 
Industry Secretary Patrick 
Jenkin has already asked BSC 
to provide a detailed list of 
options to deal with its losses, 
running at £7.2m a week. 

Yesterday most of the 
corporation's 94,000 employees 
staged a day-long strike in 
protest at further closures. 
Back Page and Plage 3 

Joint defence 

France suggested for the first 
time that it would involve West 
Germany in discussions of . its 
nuclear defence and work 
towards the concept of common 
defence. Back Page 

Tokyo indecision 

Leaders of Japan's ruling 
Liberal Democratic Party failed - 
to select a successor fo ‘Premier 
Lenko Suzuki in more than eight 
hours of talks. . 

Floods kilt 43 

Floods in southern Spain during 
the past three days have killed 
43 people and 30 more are 
missing. 

Double blow 

Home Secretary William White- 
law banned all weekend marches 
in Peckham, south-east London, 
stopping a National Front by- 
election rally in. the area today. 
Southwark Council voted to defy 
a High Court order forcing it to 
let a hall to the Front for a 
public meeting. 

Fraud expenses 

The recent anti-fraud operation 
in Oxford to trap alleged social 
security fiddlers cost govern- 
ment departments £21,000 and 
the police £15.000, Social Secu- 
rity Minister Hugh Rossi said. 

Rainy record 

This month has been the 
west?st October for 22 years 
and is on the way to being the 
wettest yet. Good news for 
umbrella makers Page 3 

Clocks go back 

Summer time officially ends at 
2 am tomorrow, when clocks 
should be put back one hour 
to l am. 

Briefly ... 

Allergy victim Sheila Rossall i 
ate her first meal in England — , 

a boiled potato. 

Sri Lanka bas suspended 14 * 
cricketers now touring South 
Africa from playing inter- ■ 
national cricket for 25 years. 

Guernsey's tourist board is 
planning a drive to attract West < 
German holidaymakers, 40 i 
years after the Occupation. i 

Typhoon Nancy hit North VJet- * 
nan, toiling 32 people and 1 
leaving 200,000 homeless. < 

UN development programme i 
suffered a £105.SSm foreign l 
exchange loss in the IS months i 
to June. i 


9 YUGOSLAVIA yesterday de- 
valued the dinar by .20 per cent 
as part of its economic recovery 
programme, a move designed to 
boost exports, curb Imports and 
enable repayment of its $18bn 
(£llbn) foreign debt. Back 
Page 

• EQUITIES encountered some 
selling pressure. The FT 30- 

f 630 r lAa-t«.l^eaM \. 


FT UfflVSTRfAL 
TORDfNABY INDEX - 

I l | ■ | 
noway MOTEMWIS _L 
— nws oosE H- 


1 18 . 19 20 21 22 I 

OCTOBER 1982 j 

; Share Index closed 3.5 down at 
619.4. Page. 28 

4V GILTS- were duIL The 
Government Securities. Index 
lost 0.15 at 83.89. Page 28 

• STERLING improved 2t 
points to 51-0075, and was also 
higher at FFr 12.135 
(FFr 12.1151 and SwFr 3.69 
(SwFr 3.685) and unchanged at 
OKI 1.2925* Its trade weighting 
was up 0.1 at 92.8. Page 25 

9 DOLLAR cased DM 2.5275 
(DM 2.53) and FFr ■ 7.1475 
(FFr 7.15) but was higher at 
Y273.4 (Y272.95) and uu 

changed at SwFr 2.1725. Its 
Bank of England index was 
steady at 124J9. Page 25 

9 GOLD rose $0.5 in London 
to $429.5. In New York the 
Comes October close was $431.3 
($423.2). Page 25 

9 WALL STREET was up 6.8 
at 1043.78 before (he close. 
Page 24 

9 CITY analysts predicted a 
rapid slide in' 1 interest rates, 
income tax cuts and mortgage 
rates 5 points lower. 

9 MALAYSIA introduced a 
tough budget, with new taxes 
aimed at ^raising an extra 1,236m 
ringgit /£30fim) to raise reve- 
nue hit by falling commodity 
prices. Page 2 

9 HONDA Motor of Japan said 
it expected to sign a deal with 
BL this year for jointly develop- 
ing and making a car for the 
executive market. 

9 DANISH BACON sharehold- 
ers decide nest week on the 
£414,000 severance payment 
claimed by former chief exe- 
cutive Erik Troutman. Page 3 

9 CHRYSLER. U.S. car maker, 
was reprieved when workers 
postponed until next week a 
vote pa whether to strike over 
pay. ■ 

9 REED Executive, employ- 
ment agent, cut pre-tax losses 
from £970,000 to £752,000 in the 
first half and declared a nomi- 
nal interim dividend. Page 22 

• EASTERN' PRODUCE (Hold- 
ings) reported first-half profit 
before tax up from £825,000 to 
£L16m, on turnover up from 
£10.37m to £17.6Sm. Rage. 22 


BY ROBIN PAULEY 

THE GOVERNMENT is to 
consider ways of stemming the 
rising flood of imports of a wide 
range of products, particularly 
consumer goods from the Far 
East and cars from Spain. 

A paper detailing selected 
items and countries of major 
concern has been prepared for 
Tuesday’s meeting* of the 
Cabinet Economic (E) Commit- 
tee, chaired by the Prime 
Minister. 

It sets out action taken in 
the past and tries to explain 
why this has failed. 

Proposals for controlling 
selected imports are put for- 
ward, though Ministers are 
understood to be anxious to 
avoid if possible overt tarifTs 
and .quotas because of the dam- 
age this would do to their 
reputation as defenders of free 
trade and market forces. 

Measures involving ** volun- 
tary restraint'' could be one 
solution. 

The Government has no 
intention of failing to observe 
existing General Agreement 
on Tariffs and Trade and Treaty 
of Rome agreements. 

Recent evidence of a con- 
sumer-led recovery .through 
sharply rising volumes of retail 
sales have not been matched by 
rising orders for UK industry. 
Ministers are increasingly con- 


cerned that all the extra spend- 
ing is going on imports. 

Countries and regions which 
supply large amounts of con-, 
sumer goods to Britain while 
operating very restrictive con- 
trols against British goods 
include Spain, South Korea. 
Japan. Brazil, and Eastern 
Europe. 

Australia has also been a 
problem for UK exporters' with 
both tariffs and quotas though 
there is no suggestion of 
retaliatory action. 

Canada has quotas on UK 
footwear and Brazil severe 
tariffs on the same items. Both 
are severe enough to exclude 
British footwear almost totally 
from both countries. 

Cabinet Ministers are known 
to feel that Britain has been 
“playing by tbe' rules" while 
many other countries have not. 

Frustration is heightened by 
the lack of success of attempts 
through, political and diplo- 
matic channels to persuade 
some countries, particularly 
Spain, to move more toward 
"equitable access." 

Further evidence to rein- 
force. Ministers’ fears about 
imports is expected next week 
from,' the Confederation of 
British 'Industry's quarterly 
industrial Irends survey, ex- 
pected to show manufacturing 


activity remaining stagnant. 

Jts publication has been 
delayed white 40 major retailers 
are contacted to check the 
source of their improved sales. 

Lord Cockfield, Trade Secre- 
tary, gave a bint in the Lords 
on Wednesday night of impend- 
ing action when he said: “It is 
unreasonable and unrealistic to 
expect that any major trading 
country' will continue to keep 
its markets open to exports 
from another country if its own 
exporters are shut out of that 
country's domestic market.” 

John Elliott. Industrial Edi- 
tor, writes: Mr Patrick Jenkin. 
the Industry Secretary, warned 
earlier this week that the UK 
was prepared to take action 
when “inequities” threatened 
the “stability and equilibrium 
of open trading relations." 

At present Spanish cars can 
enter the UK with a tariff of 
only 4.2 per cent, while British 
cars exporfeff to Spain face a 
36.7 per cent tariff. 

This means that cars like the 
Metro have not been able to 
build up export sales. 

Ministers are worried that 
transition arrangements made 
for Spain’s membership of the 
EEC will not significantly cut 
the 32.5 per cent tariff gap for 
some years, and arc understood 
Continued on Back Page 


Prior presses on with assembly 
in spite of election results 


BY BRENDAN KEEN AN 'IN BELFAST 


PLANS FOR a Northern Ireland 
Assembly will go ahead, Mr 
James Prior, the Northern 
Ireland Secretary, said last 
night — in spite of election 
results which suggest that a 
quarter of its members win not 
take their seats. 

Late last night, with only the 
South Antrim result to be 
dedared, the outcome seemed 
set to be: Official Unionists 26. 
Democratic Unionists 21, Social 
Democratic and Labour Party 
14. Alliance 10, Sinn Fein 5, 
Others 2. - 

Both SDLP and Sinn Fein, 
which is the political whig of 
the Provisional IRA, are com- 
mitted to boycotting the 
assembly but Mr Prior said, he 
would meet party leaders 
shortly to discuss getting the 
body under way. 

Mr Prior’s intention to pro- 
ceed with , the Assembly plan 
means that committees will be 
formed, in proportion to party 
strengths, to monitor and 
scrutinise government policy 
and to draft legislation. He is 
not obliged to call the Assembly 
immediately. 

The plan envisages a second 
stage where legislative power 
could* be transferred to the 
assembly. However, this 
requires tbe agreement of 70 
per cent of assembly members. 


and must have “ cross-com- 
munity support” — hardly 
possible in the absence of the 
SDLP and Sinn Fein. 

Mr John Hume. SDLP leader, 
said Mr Prior should wind up 
the assembly as quickly as pos- 
sible. 

The success of Sinn Fein, 
which is still the main shock of 
the election, is expected to 
make it even less likely that the 
SDLP will break its boycott 

The Sinn Fein vote suggests 
that it might win two West- 
minster seats in a general elec- 
tion. with Mr Gerry Adams in 
West Belfast joining Mr Owen 
Catron, the present MP for 
Fermanagh-South Tyrone. 

The major headache for the 
Government may lie in how to 
treat the hew Sinn Fein repre- 
sentatives. 

Mr Prior said he had to take 
account of the Sinn Fein votes. 
But Unionists will be quick to 
remind him that Sinn Fein 
remains connected intimately 
with the IRA, whose campaign 
of violence is likely to be inten- 
sified after a self-imposed lull 
during the campaign. 

John Hunt writes: The size 
of the Sinn Fein success in the 
elections led to strong criticism 
yesterday of Mr Brior, who put 
tbe Assembly Bill through the 


Commons against opposition 
from some Conservative back 
benchers and the scepticism of 
a larger section of his party. 

The four officers of the Con- 
servative back bench Northern j 
-Ireland Committee — only one of 
whom voted for the? Assembly 
Bill— will voice their criticism ! 
when they meet him next week. 

Mr Prior’s hard line critics on 
the backbenches are very vocal, 
but they number only about 30 
— a small minority of the par- 
liamentary Tory Party. 

Mr Merlyn Rees, the former 
Labour Northern Ireland Secre- 
tary, said the election of the 
Sinn Fein candidates in the Pro- 
vince made the position there 
much more difficult He was 
worried that they had been 
elected in preference to the 
SDLP, 

9 Mr Rees is to be sued for 
alleged slander by two new 
Northern Ireland Assembly Sinn 
Fein members. 

A Sinn Fein official said Mr 
Gerry Adams, of West Belfast, 
and Mr Martin McGuinness, 
from Londonderry, were in con- 
tact with their lawyers over 
remarks made yesterday by Mr 
Rees in an interview on ITN's 
News at One. 

Sinn Fein dashes hope, Page 3 


Bonus for Granny Bond holders 


CHIEF PRICE CHANGES YESTERDAY 

(Prices In pence ng$e$s otherwise indicated) 


RISESt 

Conv.iipc’ei AfL... £3«}+ B 

Aitken Hume 250 + 13 

Amstrad 460 4- 30 

Avon Rubber S6 + 7 

B©U5tead 54 + 9 

Bullough 230 + 13 

Christies Inti, ...... 146 + 14 

Footwear Invs. 99 + 8 

Guinness Peat ...... 60 + 7 

Hollis Bros. - 10 + 4 

Pactrol Elect. 250 + 20 

Polly Peck 840 + 35 

Simon Eng. 350 + 8 

Sothebys 320 + 15 

Stoeklake 176 *•+ 31 

UDS 75+ 4 

Barlow Hldgs.. 5S + 5 

Wit Nigel .115 + 12 


FALLS: 

Exch. 12pcCnv. 1985 £1101- 

BAT lads. «30 - 

BICC 323 - 

Beechara 363 - 

Brit Aerospace 221 - 

Eucalyptus Pulp ... 186 - 
Great Portland Ests. 128 - 

Land Securities - 280 - 

MEPC 180 - 

Metal Box : 178 - 

Newmark (Louis) ... 210 - 
Photax (London) ... 48 - 

Plessey 590 - 

Sainsbuiy (J.) 405 ■ 

Slough Ests. 90 - 

Stock Conversion ... 277 - 

Vantona 110 - 

Wimpey (G.) 121 - 

MOS 198 - 

Western Mining ... 186 - 


BY ERIC SHORT 

THE GOVERNMENT is to 
pay a 2 A per cent bonus to 
holders of index-linked nat- 
ional savings certificates — 
Granny Bonds — to try to 
stem the rapid rise In tbe 
number of people cashing 
them in. 

The move reflects tile 
relative nnattr activeness of 
index-linked savings, alongside 
a falling Inflation rate and 
consequent Government 
fears that Hs target of £3bn 
for the National Savings net 
Intake this financial year 
might not be met. In the first 
half — the six months to Sep- 
tember— the net intake was 
£1.13bnu 

-With a Gr anny Bond, fits 
capital invested Is revalued 
each month in line with the 
movement in the retail price 


index. As the rate of inflation 
falls, so the rise in the value 
of Granny Bonds decelerates. 
Indeed, the RPI in September 
at 332 A, was slightly lower 
than the 323.1 of August. As a 
result. Granny Bonds cashed 
in November will be worth a 
few pence less than similar 
bonds liquidated this month. 

There was a net disinvest- 
ment of £ 14.9m to Granny 
Bonds -in September. So far 
this month, liquidation has 
been running at £50m a week 
on average, compared with 
new Investment of less than 
£lOm a week. 

The prospectus for tbe 
current Issue of Granny 
Bonds gives the Government 
the power to make supple- 
mentary increases in value 


above the RPL Tbe Govern- 
ment is using this provision 
to increase the attractiveness 
of Grannies at a cost of 
£135m. 

The 2.4 per cent bonus wfll 
be related to the value of 
bonds at October 31, 1982. But 
it will not be added to the 
bond until November 1, 1983, 
to eneourage the 3m inves- 
tors to hold the bond until 
that date. The bonus is 
roughly in line with the real 
return available on Index- 
linked gilts. 

.The Government will make 
provision, in the Finance Act 
next year, to make the bonus 
applicable to the first issue 
of index-linked certificates, 
whose prospectus contained 
no provision for supple- 
mentary increases. 


Appointments M 

Arts 

Books Psqb — 

Bridge 

Chess 

Collecting — ..... 
Commodities 
Company News 
Contract* ......... 

Crossword 

Economic Diary 

Entertain. Quids _ 

Euro. -Opts 

FtMftC* h Family. 


FT Actuaries — 
Foreign E x changes 

Gardening 

Gold Market* ...... 

Hew To Spend It 
Inti. Co. Nswa ... 

Leader ........ 

Latter* 

Lax 

Lodon Optt. 

Me in the News 

Mining - 

Money Markets — 

Motoring 

Overseas News _ 



8 

Unit Tnnrtsj 


Racing ~ 

19 

Authorised . 

27 

Share Information 30.31 

Others 

29 

Sports 

13 

Weather 

32 

SE Wnks dMl* „ 

23 

Your SavingH/Inv. 

8,7 

Stock M*rii*t»i 


Weak In tha mkts. 

4 

London 

28 

Base Lending rates 

23 

Won Street .... 

24 

Bldg. Soe. retee 

4 

bourns 

24 

Invest. T»L Table 

7 

Travel 

9 

OFFERS FOR SALE 

TV and Radio _ 


Save He Preaper 

1 

UK Nows: 


Tyndall ................ 

S 

GflfWr*< — 

3 

Mercury 

s 

Labour 

3 

Manufac. Ufa , M 

21 


International 
Signal draws 
£1.125bn 

By Dominic Lawson 

INTERNATIONAL SIGNAL & 
Control's offer for sale has been 
massively oversubscribed. The 
Pennsylvania- based defence 

electronics company sought in 
raise cbnul £33m with its arrival 
on tile London stock market. U 
learned yesterday, however, 
that £1.125bn had come from 
eager investors. 

The news tame within hours 
of the first moves of new-issue 
stags to take their profits on 
the offer for sale of 40m shares 
in Standard Telephones and 
Cables for £21 0m. This issue 
drew n record £2.7fibn. 

Dealings in STC began at 9.H0 
am. Brokers cheered as they 
surged around jobbers’ pilches. 
Some jobbers were forced to 
stand on their cushioned ! 
benches to avoid the crush. 1 

The shares opened at 594p. 
This represented an instant 13 
per cent profit for slags who had 
received allotment-letters for 
the shares at the offer-for-sale 
price of 525 p. 

In the first 10 minutes of irad- 
ing the shares rose to 6U0p. as 
many brokers stood back ami 
tested the water. 

A Stock Exchange official 
said: “ It's busy but nothing com- 
pared to Amersham or Cable & 
Wireless. It’s like an old Holly, 
wood bedroom scene— everyone 
is keeping at least one foot on 
the ground." 

One jobber described trading 
as ‘ nor all that hectic. There 
are not ail that many shares 
floating around and those that 
are being snapped up by the 
institutions." 

Another jobber said dealings 
were not as hectic as some 
people find expected. *' It's more 
regulated than wild.” 

It has been a profitable exer- 
cise for the City. Al last night’s 
closing price of 596p allottees 
were showing a total book-gain 
of £28m. hy courtesy of the 
vendor, ITT of the U.S., STC’s 
former parent company. 

ITT said yesterday: “ We 
have no regrets at all. We 
found the massive oversubscrip- 
tion gratifying." 

Mr Ted Newman, an STC 
Continued on Back Page 
Lex, Back Page 


U.S. Chemical Bank 
leads way with cut 
in prime to 11.5% 


£ In New York 


Oct. Cl Previous 


Spat : 51.6995 7010 £1.6945 6955 
1 month : 0.01-0.04 pm O.Ol 0.04 pm 
3 months 0.26-0.29 pm 0.2B-0.31 pm 
IS months. 1.65-1.75 pm 1.75-1.B5 pm 


j BY PAUL TAYLOR IN NEW YORK 

j CHEMICAL BANK, the f 
! seventh largest bank in the 1 

i U.S. yesterday cut its prime 
j lending rate by half a per- 1l 

| cent age point in U.S per cent. 

Chemical's action means the 
J key lending rate which banks 1 
charge lo their best corporate 
, customers has fallen to its -j, 

lowest level for more than 25 
months. 

; The prime rate cut, the ninth r 
i major reduction since it stood 
| at 1G.5 per cent in July, had r 
: been widely expected on Wall 
[ Street after the sharp recent 
i decline in other short-term U.S. 1 
! interest rates. It had liltie 
impact on share or bond prices. 

Other major U.S. hanks are out 
expected lo match Chemical’s the 
move although uncertainty over FT 
the Federal Reserve Board’s inti 
monetary stance could delay ami 
the response. Yesterday morn- Act 
! in? only Mitsui Manufacturers by 
Bank matched the prime cut. Ii 

In the credit markets dis- did 
appointment that the Fed Funds ruu 
rale continue to trade around uf : 
a higher than expected level of mu 
9J per cent, in the absence or pin 
further Fed action, left bond mot 
prices slightly down. drii 

The credit markets are still was 
wailing for a further sign from a q 
the Fed. probably in the shape yesi 
of another cut in the discount "f 
rate, that it is willing to con- Trc 
tinue to case its tight credit per 
policy and push short-term rates H 
even lower. cut: 

The credit markets are also dep 
growing concerned again about of 
the mushrooming Federal iutc 
Budget deficit. The Treasury is will 
due to announce details of Uiu for 
quarterly refunding next week ran 
and the markets expect a $I2bn U-jm 
to $13.5bn package aimed ait T 
raising between $8bn and $9bn it r 
in new cash. ten. 

These uncertainties left bond maj 
prices iratling by about j| of a auU 
point in early quiet trading rale 
yesterday while in the money of 
markets short term interest indi 
rates increased marginally. nga: 

In the slock market, share rent 
prices were mixed in early ul -j 
trading, but by early afiernoon l * 
the Dow Jones industrial du" 
average had climbed more Ilian 
nine points to 1046.08. only six hr* 11 
points below the all-time high Jink 
of 1051.70 on January 11, 2973. cenl 

William Hall writes: Aficr Ed 
h tiling an all-time bigh on Tues- 
day the UK stock market ran 


m +m4ri-nr 

_ U.S. PRIME J: 

i ' i rate ! rm 

! i I l ! ; « • 


out of nil much umi and ended 
the week mi j dull luiio. The t 
FT indu-.<rial Urdinary share 
index fell 3.5 lo iilti.4 >o!cn!ay 
and the broader-based FT 
Actuaries all-share index foil 
by t).t> per vent tu 2&*.77. 

Increasingly ontimiMic pre- 
dictions about the fail in the 
rate of UK inflation and hopes 
uf a further cut in UK interest 
rates have continued to under- 
pin the UIv stock market. UK 
money market rates have 
drifted lower in the week, which 
was reflected in a drop of nearly 
a quarter of a percentage point 
yesterday in the average rate 
of discount a: the weekly 
Treasury’ bill lender, to S.725U 
per cent. 

Bankers say ihr.t any further 
euis in UK bank base rates 
depend very much <u> :he Bank 
of England. Any cut in its 
intervention rales next week- 
will be taken at. a dear signal 
for further cuts in UK interest 
rates. The hanks la it cut their 
base rales on October 13 

The strength of the pound — 
it rose 21) points lo SI. 0975 yes- 
terday — US cited as another 
major reason why the UK 
authorities can allow inierest 
rales to fall further. The Bank 
of England's trade weighted . 
index of the pound’s value 
against a basket «»I other cur- 
rencies finished the week 0.1 up 
al 92.S. 

Gilt-edged prices were slightly 
down yesterday and after the 
market clused the Government 
brought out a £2nUm index- 
linked issue of Treasury 21 per 
cent slock redeemable in 2003. 

Editorial Comment. Page 20 
Feature. Page 2i 
Money Markets. Page 25 



Save &IYosper Property 
Pension Fund has consistently 
outpaced inflation during the 
’ difficult investment conditions of 
the last ten years. 

Also invested in property hit with 
holdings in shares and fixed-interest 
securities, our Managed Pension Fund 
too has beaten inflation since its launch 
in 1974. 

Both these funds are 3781131)261)71111 
our Executive Pension Scheme- for 
directors and key executives -and our 
Self-Employed Pension Scheme. They 
are also available to pension fund 
managers. 

Find outmore. Phone us on 
0708-66966 or complete and return 
thereupon. 

SAVE & PROSPER PROPERTYPENSIQN FUND 


Period to 
1.20.1982 1 

Amoal compound growth tale 
Rmdoaerl Ttl(bKnn 




2 

YRS 

20.2% 

a7% 

3 

YRS 

203% 

11.8% 

5 

YRS 

22.6% 

11.8% 

7 

YRS 

21.8% 

12.8% 

10 

YRS 

184% 

14.1% 


TeL No.(home)_ 


.(business). 


For latest Share Index phone 01-246 8026 


























Financial .Times Saturday .October 23 1982 


OVERSEAS NEWS 


David Lennon reports from Tel Aviv on the uncertain fate of Israel’s dispute-ridden national airline 


Attempt to curb 


behind 


THE ISRAELI Cabinet will be 
asked tomorrow to endorse the 
recommendation of the board of 
directors of El A1 to close down 
the national airline, which has 
been steadily losing money for 
the past five years. 

Hie ostensible reason for this 
drastic deciison is the refusal 
cf the staff to accept a set of 
new principles for relations 
between management and 
labour which would cut the staff 
by 20 per cent and give manage- 
ment the right to dismiss 
workers without union consulta- 
tion. 

Underlying -the dispute is the 
much broader issue of the 
Right-Wing Likud Govern- 
ment's desire to curb the power 
of the Histadrut labour federa- 
tion, which is dominated by the 
Opposition Labour Party. 

A secondary issue is the 
uproar caused in the country by 
the Government’s 'decision to 
halt flights by the national 
carrier on the sabbath and 
national holidays. Closing the 
airline would obviate the need 
to implement this highly con- 
troversial decision 

Mr Yorara Aridor, the 
Finance Minister, who is the 
driving force behind the 
Cover ament's determination to 
close the airline, has chosen 
his target carefully. El AI's 


staff are one of the least 
papular groups of workers In 
the country. 

During the peat decade the 
airline has been hit by 69 
strikes, an average of one strike 
every two months. At the same 
time, staff have tended to enjoy 
salaries considerably above the 
national average. 

The basic unpopularity of the 
staff ensures that the public 
will not display any great 
sympathy for their current 
plight, which most Israelis see 
as self-inflicted. 

The Histadrut is only too 
aware of the real issue, but 
also knows that calling its 
members to the barricades on 
behalf of the EL Al workers 
might not be the most popular 
move. That is not to say that 
there will not be severe dis- 
ruptions in the economy. A 
selective warning strike called 
by Histadrut last week was 
almost 100 per cent effective, 
and many within it are calling 
for more widespread action. 

El Al was born, along with 
the state, in 1948 to provide a 
reliable civilian air link with 
the rest of the world when other 
airlines stayed away because of 
the fighting. The first scheduled 
flight was made in July 1949, 
to Rome and Paris and carried 
an official delegation headed by 


Mrs Golda Meir, later Prime 
Minister. 

The airline has come a long 
way since these early days, when ■ 
management had to take tough 
decisions such ' as the one re- 
corded in a 1949 memo stating 
that “the acquisition of yet an- 
other bicycle would be an un- 
necessary ■ expenditure in view 


of the flnandal’ problems. of the' 
company." 

Today El At has 18 .commer- 
cial jets. The all-Boeing fleet 
includes eight 747s, eight 707s 
and two 787s. In addition it has 
four 767s on order, the first due ■ 
for delivery In June,. 1983. 

A precise list of Its assets 
and liabilities has not been 


published by El Al, which con- 
siders this highly sensitive in- 
formation, but according to 
some observers Its assets are in 
the region of 8250m to 8300m, 
while its debts are believed to 
exceed 8500m. 

The debts reportedly indude 
£25 Dm in short-term debt, 
another 8130m in long-term 


U.S. urges Arabs to clarify Fez plan 


PRESIDENT Ronald Reagan 
yesterday sought to persuade 
Arab leaders to recognise 
Israel and open broad-ranging 
Middle East peace negoti- 
ations. Senior U.S. officials 
were not. however, expecting 
Immediate results from the 
meeting, Reginald Dale, TJ.S- 
Edltor, writes from Wash- 
ington. 

The Arab delegation, led by 
King Hast an of Morocco, went 
to the White House bearing 
a gift of a symbolic crystal 
dove' of peace, to explain the 
coociurions reached at last 
month's Fez summit, which 
endorsed a new Arab peace 

proposaL 

American officials said that 
Washington's message to the 
Arabs was that “ the time has 


come to. stop, talking about 
peace and start sitting down 
at th« wsgotiatWg table." 

Both . sides were basically 
seeking clarification ■ 

The -KI.S; believes that the- 
Fez Declaration implicitly 
recognised Israel, bat it wants 
to have this, spelled out more 
dearly. An - agreement to 
- negotiate with Israel would 
constitute- definite . recogni- 
tion in Washlnton'g eyes. 

Arab officials, however, 
have said that they first want 
to know the geographical area 
of Israel that they would be 
recognising. They also want 
to. sound, out the. extent to 
which the Reagan Administra- 
tion would be prepared to put 
pressure on Israel- to recog- 
nise Palestinian rights to self- 


determination. 

The representative of the 
Palestine liberation Organi- 
sation accompanying the 
delegation did .not go to the 
White House, because the 
U.S. refuses to deal directly 
with the PLG until it recog- 
nises Israel's right to exist. 
King Hassan’s team was com- 
posed . of the Foreign 
Ministers of Morocco, Jordan, 
Syria, -Tunisia, . Algeria and 
Saudi Arabia. 

The Fes Summit for 
an Independent Palestinian 
state, while seeming to accept 
Israel’s right to exist. Mr 
.Reagan's Middle East peace 
plan calls for Palestinian 
seif-role in the West Bank 
and Gaza, In association with 
Jordan. .... 


debt Severance pay due to the 
company’s 5,000 workers would 
exceed 8100 m. 

Until 197S the national air- 
lines never reported an opera- 
tional loss, although net profits 
in 1977 were given as only 
$10,000. It 'is fairly widely 
believed however, that this posi- 
tive record was as much the 
product of imaginative account- 
ing as profitable- operations. 

With a change of gover nm ent 
In 1977 and a chang&af manage- 
ment in " 1978, the company 
recorded revenues, of $33 lm in 
197S-79, and a net loss of 
823.9m. . Hie following year the 
loss rose to nearly $100m des- 
pite a rise in revenue to 8414m. 
Much of this was ascribed to 
the closure of the profitable 
Tehran run- with the rise to 
power in Iran- of the anti-Israeli 

- Ayatollah Khomeini. 

- The losses have been pared 
steadily since then, dropping to 
S47.3m in 19803L. and $32.6m 
in 1981-82. This year the fore- 

- cast was for the loss to- drop to 
S30m or less. The underlying 
causes of. El ATs losses axe 
common to. many scheduled air- 
lines; the sharp rises in the coat 
of Joel, competition by charter 
airlines, high fixed overheads, 
and over-staffing. 

There has been talk about 
selling the assets of El Al to 


private investors, but it would 
appear more likely at this junc- 
ture that, tile Government will 
shut down the company, dis- 
mantle it, and then open a 
restructured national airline, 
probably under the saine name. 

This would be conducted on 
the basis of the management 
plan which was rejected by the 
workers. . It calls for the 
creation of a single union for 
all airline employees, instead of 
the eight works committees 
which, have caused ' so many 
strikes because of their compet- 
ing claims- ■ ■ 

. The management wants to 
cut the workforce from 5,000 to 
4,000. or possiblv less, and it is 
Insisting on the exclusive right 
to make operational changes 
without consulting the work- 
' force. ■ 

- But given the political 
struggle- underlying the El Al 
saga, it may prove more difficult 
to disband and re-create the 
airline than the Finance 
Minister thinks. 

With a 21-day statutory cool- 
ing off period between -a Gov- 
ernment decision to disband the 
airline, and it .being placed in 
the hands of the receivers, it is 
still possible that a compromise 
will be worked out to enable a 
more streamlined El Al to fly 
again, into profit 


Top Polish 

hanker 

defects 


By Paul Betts in New York 


POLAND'S most senior banker 
in New York, dosely involved 
in the long negotiations over 
the rescheduling of his coun- 
try's $26 bn (£15.2bn) debt to 
the west, was reported yester- 
day to have defected to the U.S. 

Mr Andrzej Treumann, the 
Poiish banker who four years 
a so opened the North American 
office of Poland's Bank Hand- 
le wy on Park Avenue, was also 
reported to have been a Polish 
spy. 

The report on the front page 
of the New York Times claimed 
the banker and his family were 
now in protective custody in 
the Wadungton area being 
interviewed by CIA and FBI 
agents. 

Mr Treumann apparently 
ended his activities with. Bank 
Handlowy this summer. The 
bank, which acts aa a foreign 
trade bank for Poland and man- 
ages most of the country’s 
western debt, sent a brief note 
to American banks late in 
August simply stating Mr Treu- 
mann had “terminated his acti- 
vities as our representative in 
the United States.” 

Eefore coming to New York, 
he had heen a senior official at 
the bank in Warsaw and is 
understood to have played a 
part in arranging some of the 
West's big loans to Poland. 


IMF calls 
for Belgian 
austerity 


By Larry Klinger hi Brussels 


BELGIUM might have 'to raise 
taxes to cut its large public 
spending deficit and maintain 
high interest rates until further 
progress is made to restore the 
country’s finances, according to 
the latest International Mone- 
tary Fund report on the coun- 
try’s economy. 

The report, a summary of 
which was released yesterday 
by the Belgian Government, 
repeats the Fund's qualified 
approval of - the stern measures 
taken earlier this year to pro- 
mote export-led economic re- 
covery. But it suggests that, if 
they are not reinforced by addi- 
tional measures, there would be 
"a risk that the adjustment 
effort required in later years 
of the programe might be set 
at an unrealistically high level.” 

The Fund welcomed the fact 
that February’s 8.5 per cent 
devaluation of the franc had 
been reinforced with an “ appro- 
priate wages freeze and warned 
against restoring the country's 
traditional system of linking pay 
increases automatically to rises 
in the cost of living. 

Taxes may have to be in- 
creased to reduce the public 
debt, and, although Interest 
rates were already “ hi^i in real 
terms," the scope for easing 
monetary policy would be 
limited until the public sector 
and balance of payments deficits 
had be^n reduced. 



Taxes soar in tough Malaysian budget 


BY WONG SULONC IN KUALA LUMPUR 


THE MALAYSIAN Government 
yesterday introduced one of its 


and cigarettes.. Taxes on cars fall In Gover nm ent 'revenue, massive foreign loans, 
are bring increased from 15 concessions for the robber and .: The 1983. budget expenditure 


toughest budgets ever, levying per amt for locally assembled m miniiilidustrtes* (M$lS2m) of M*W.4bn fc oily Tper cent 


new taxes across the board to cars (mainly Japanese models) .. u ’T”. 1L higher than this year’s^ But In 

compensate for the impact of to as much as 200 per Cent on 8114 abolition of import reajterms, it tomiis a 15 per 

falling export commodity prices imoorted limousines, such as duty on computers (M$50m). cent reduction, considering an 8 

°“ revenue - ' ' . Rolls Royce, Jaguar, Mercedes. . Government revenue, taking per cent inflation rate, and the 

The new taxes, after deducting and Porsche the budget measures l»to sharpincrease In debt servicing 

some concessions, will raise an The biggest revenue measure account, would be about M$18£ —up 41 per cent to MSSBbn. 

extra- M$L236m (U.S.$530m). is the doubling of the sales tax, bn next year, giving a surplus On the assumption that the 

Not since Indonesian confronts- from 5 to 10 per cent, which of M$lJ5hn over operating ex- world economy will experience 
tion in the early 1960s, has the would bring in M$8O0m. ' penditure. This will allow the a moderate recovery, Malaysia’s 

Malaysian Government imposed The tax concessions include a Government to cany out Its GNP is projected to growby 4 B 
sum heavy taxes to raise money. 5 per cent across the board large development programme per cent In 1983 compared with 
Hardest hit are cars. liquor allowance for exports, a M$130m M*9.9bn, without resorting to 2B per cent this year. 


Profit margin cuts plan for French retailers 


Lebanon and 
Egypt renew 
official contact 


Lebanese President - Amin 
Gemayel met Egyptian deputy 
premier Khmal Hassan All in 
Rome yesterday in .the firsT 
official contact between the two. 
arab countries since Egypt 
signed the Camp David peace 
accords with Israel in 1979, an 
Egyptian embassy spokesman 
said, Reuter reports from Rome. 

A statement by the Tifalihn 
foreign ministry said the 30- 
minute meeting was arranged 
by foreign : minister Emilio. 
Colombo. 


BY DAVID HOUSEGO IN PARIS 


The costliest perfumes 
in the world- 



JEAN PATOU 


RETAILERS in France will be 
required to cut their profit 
margins by 1—2 percentage 
points next year under tough 
new regulations announced yes- 
terday as part of the govern- 
ment’s anti-inflation strategy. 

The new regulations, disclosed 
yesterday by the national prices 
committee which is overseeing 
price increases in the post-freeze 
period, offers retailers two possi- 
bilities. # They must either 
agree to fix their margins at the 
pre-June devaluation level 
minus 1 percentage point. The 
disadvantage of this approach 
from the government’s point of 
view is that margins tend to be 
lower on French made products. 
Thus retailers would have an 
incentive to 

• Alternatively they are 
quired to fix the overall margin 
on their turnover at the 1981' 
level minus 2 percentage points. 
The government regards distri- 
butors’ margins as far too high. 
But only retailers with detailed 
accounts will be able to opt for 
the second approach. 

The new regulations provide 
more freedom to industry and 


West Germany's trade onion 
movement yesterday threw 
down a challenge to the new 
Centre-Right coalition Govern- 
ment, announcing a pro- 
gramme of demonstrations 
against unemployment . and 
economic policy. Jama ' 
Buchan writes from Bonn. . 

With unemployment stand-, 
ing at 1.8m (7.5 per cent of 
tiie workforce) and expected 
to rise to over 2.3m next year. 


Herr Ernst Brett, chairman of 
the DGB, the West German 
labour federation, said his 
members would demonstrate 
in Nuremberg Frankfurt and 
Dortmund - today .and again 
over .the next two ;weeks^ ' 
H? said the Government of 
Chancellor Helmut Kohl had 
called for sacrifices only from 
w workers, the unemployed, 
pensioners, schoolchildren and 
students, tenants, the sick and 
those on social security.” 


the service sector than to the 
retail trade. 

They are designed to provide 
the legal framework tinder 
which further negotiations will 


panics entering Into anti- 
inflation contracts will become 
exempted from the freeze. The 
freeze will remain in force 
however, if such contracts— 
principally involving 


_. n _v Tthhj.i i. • iK 6 uuauuiu wm principally involving wage 

^_, sto l k importe - take place on prices when the iettlemrats briow the eoiS 

Alternatively they are re- freeze ends on October 31. The iSatio^te— are n« sffit nwilt ' s foran amnesty 'for 

nniMH U. ..*’. ,l» <■ 1 : — . ... ujTtn in iVin 


maximum of an additional 2.5 
per cent on prices' this year and 
6.5 per cent for 1983. 

The French Government’s 
plan for. new types iff . savings 
Incentives to attract funds into 
industry has been thrown into 
confusion. This follows the 
rejection by Socialist deputies 
in Parliament of the Finance 
Ministry’s scheme for a new tax 
credit system to spur share- 
buying on the stock market. 

The deputies’ decision re- 
flected Ihe feeling in. the Socia- 
list Party that the Government’s 
saving reforms, announced 
the end of August' were not 
radical enough. 

This week Socialist deputies 
have also opposed the Govern- 


government’s aim Is to bring 
down the rate of infla tion from 
10 per cent this year to. 8 per 
cent next year. But the regula- 
tions imply that France is likely 
to continue with a system of 
administered prices for" much of 
next year fn all" sectors. 

On the industry side, the 
regulations provide that corn- 


price control will also be 
re-established ' when- companies 
break their contracts. 

For the service sector -the 
government envisages a similar 
system as with industry. For 
companies unwilling to sign 
anti-inflation agreements, a 
compulsory regime will be 
applied. -This will involve a 


officers who took part in the 
rebellion' in Algeria to 1961. 

There has also been some 
parliamentary discontent this 
week "at Government proposals 
for rises in taxes on - tobacco 
and alcohol to finance the social 
security deficit, • while other 
Socialist deputies have pro- 
tested at recent defence- cuts. 


Poll predicts clear victory 
for Spanish Socialists 


BY ROBERT GRAHAM IN MADRID 
AN INDEPENDENT poll pub- forecast 
lished here yesterday gave the 
Socialist Party, Spain's principal 
opposition party, a dear abso- 
lute majority in next Thursday’s 
general elections. The poll also 
showed a near total collapse of 
the ruling Union de Centro 
DemocraUco (USD), with the 
likelihood of 11 Ministers losing 


that the Socialists 
would get a maximum of 217 
seats. 

This Is a massive swing to 
the- Socialists who gat only 122 
seats in the outgoing Partia- 
ment. According to the El Pais 
poll the swing -to the SocfaJisfe 
is countrywide. The principal 
difference between the two polls 


their seats, including the party was the performance of the 


PARIS 


leader. Sr Landelino La villa and 
the outgoing Prime Minister Sr 
Leopoldo Calvo Sotelo. 

The poll, conducted by 
Sofemasa and commissioned by 
the liberal daily El Pais, gave 
the Socialists between 193 and 
217 of the 350 seats In Parlia- 
ment. This confirms the 
Socialists' own private polls. 
Another independent poll, pub- 
lished by <the daily Diario 16, 


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Right-wing Alianza Popular 
CAP) headed by former Franco 
Minister, Sr Manuel Fraga. The 
El Pais poll forecast AP would 
get between 87 and 107 seats, 
while the Diario 16 forecast AP 
would win only' 69. 

Yesterday was the last day 
permitted by electoral law to 
publish opinion polls before the 
voting. This i» the first election 
where there has heen extensive 
use of polls and their trust- 
worthiness is still uncertain.' 
The ■ principal uncertainty 
centres round the level of 
abstentions and the undecided 
votes. 


Next Ariane space launch 
postponed until April 


BY DAVID MARSH IN PARIS 

ARIANE, the European space The next Launch of Ariane 
rocket whose 81 bn (£58Sm) was originally due to take place 
development costs .have been - in November, although post- 
borne largely by France, will ponement was inevitable after 


not make its next launch, before 
the second half of April, five 
months later than, originally 
scheduled. • • 

The announcement in Paris 
yesterday of the fresh 'delay in 
the Ariane programme coin- 
cides with rising hopes of a 
second Franco - Soviet space 
mission following the first joint 
project this summer. 

The Ariane delay has been, 
forced by the crash into the 
Atlantic of what, would have- 
-been the rocket’s first com- 
mercial flight last month. 

The setback to the flight 
calendar is bound to have .com- 
mercial consequences, Ariane 
is Europe's answer to the U-S. 
space shuttle in the rapidly- 
increasing business of putting 
satellites Into orbit for tele- 
communications, television, and . 
earth observation. . 


last month’s failure. 

Zn a joint announcement 
yesterday, the European Space 
Agency and the French national 
space agency ONES confirmed 
that the fault, which led to 
Ariane’s failure last month, con- 
cerned the turijo-pranp of- the 
rocket’s third stage. 

The next Ariane -will carry 
two satellites, one for tele- 
communications and the other 
for the international network 
of radio “ hams.” 

The joint statement said that 
the .future, launch calendar 
would be speeded up 

News of a. possible fresh 
Franca- Soviet space initiative 
emerged after a week of dis- 
cussions— -described officially as 
“wann” — between space 
specialists of the two countries, 
held at Kichinev in the Soviet 
Union.- 


U.S.- Japan trade talks deadlock 


BY RICHARD HANSON., IN TOKYO. 

U.B.-JAPANESE talks over the solid 1 
import of beef and oranges, 
held this week in Hawaii, broke 
up Thursday, one day earlier 
than scheduled. The talks were, 
it seems; deadlocked" over a U.S. 
demand for. complete liberalisa- 
tion of the Japanese market No : 
specific -date was set for the' 
next round of talks. 


agreements would be 
reached. Delegates -from the 
Ministry of Agriculture and 
other ministries, however, were 
surprised when' the UjS. ride 
asked that the meeting be cut 
short. 

The U.S. stance has been just 
as adament At the. start of 


pairing Japan's quotas, finally 
runs out Japan would prefer 
to discuss ways of -improving 
access of - U.S. beef— almost' 
exclusively in the high quality 
category— through such means 
as. modifying tiie distribution 
system and expanding the exist- 
ing quotas. 

The UJS. wants more concrete 
steps toward, icomplete freeing 


the second day of talks, the UJS. 

M We simply didn’t find .'our- - asked that discussions on other , 

selves in a position .to accept quota and tariff items, proposed .of the market During the meet- 
the American demands— nothing by. Japan, be dropped and. foil the U.S. officials emphasised 
more, nothing less,” comments attention . be paid to beef, 
one Japanese official ...oranges and citrus. 

The break down of talks after. . Neither side, however, bad 

anything further to say on. the 
subject, and the talks ended. 

The argument is over what 
happens to beef and. oranges 
from April 1884, when a five 
year quota agreement gradually 


the growing danger of prtec- 
tionism in the UJS. directed at 
Japanese manufactured goods. 


only two days of the planned 
three day meeting was described 
as “totally unexpected” and con- 
sidered a “serious" matter by 
the Japanese. 

Japan had anticipated that no 


FINANCIAL TIMES. pobtWietf dally 
axcapt Sundays and holidays. U_S. 
subscription' mu SSS&jOO par annum. 
Second Clue postage paid at New 
York. N.Y.. and at additional mailing 
centra*- 


Chilean police 
agents executed 

official of Chile’s 


An 


secret 


police organisation, the central 
National de Infonnacfones 
(CNI) and one of his sub- 
ordinates were executed by : 
firing squad on Friday for their 
part in a U.S.$lm robbery and 
double Homicide last year at .a 
branch ' of Chile’s state bank, 
Mary Helen- Spooner -writes 
from Santiago. 

The subsequent scandal 
embarrassed General Augosto 
Pinochet’s nine-yearold military 
regime and prompted fresh calls 
from Chilean human rights 
groups for the CNI to be dis- 
banded. 


Poor lookout 


for ‘famous’ 
challenger 
in Illinois 


By Reginald Dale, ULS, Editor, 
in Chicago 


MR ADLAI STEVENSON Iff 
has a famous name and he is 
after his father’s old job. Ur 
Adlai Stevenson. Pere, used 
the governorship of IUlnois 
as a political power base from 
which he ran twice for the 
U.S. presidency— unsuccess- 
fully — in the 1950s. 

His campaign slogan, “madly 
for Adlai,” failed to overcome 
the n»ih punchier “I.Uke 
• Ike" that it was designed to 
counter. 

This year, it as more likely to 
end up as “sadly for Adlai. 1 ' 
The third Democratic Mr 
Stevenson (great-grandfather 
- vice-president of the US.), 
who admits that “the name 
has helped,” is not seen here 
as weft placed to unseat the 
incumbent Republican gover- 
nor, Mr James Thompson, 
who is seeking an unpre- 
cedented third term. And in 
Chicago they think it is 
largely Mr Stevenson’s own 
fault. 

Mr Stevenson hit the national 
headlines early in his cam- 
paign after one Of the more 
spectacular boobs of the 1982 
American mid-term elections. 


Trying, to come back against 
the tough but compassionate 
image cultivated by Mr 
Thompson. Mr Stevenson 
foolishly complained in a 
newspaper interview that his 
opponent seemed to think he 
“some kind of wimp.” 


Two students die 
in Ecuador clashes 


Two students were' killed and 
more than 250 people were 
arrested in violent street dis- 
turbances throughout Ecuador, 
police said, Reuter reports from 
Quito. 

Demonstrators and police 
clashed in several cities after 
Leftist unions defied a state of 
emergency declared by Presi- 
dent Osyaldo Turtado. 


UK caution oh 
El Salvador aid 


Britain may resume technical 
assistance to El Salvador bat 
continues to be worried by the 
bad human rights record of the 
government of President Alvaro 
Magana, Mr Francis Pym, the 
Foreign .and Comomnwealth 
Secretary told Dr Fidel Chkv'ez 
Mena, his Salvadorean counter- 
part, who- visited him in London 
yesterday, Hugh. O'Shanghesgy 
writes. . . 


China census ‘finds’ 

50 - 60 m people 


China has “found” . 50-60m 
people that it did not knpw it 
had, taking the country's popu- 
lation well past lbn, according 
to. a senior official in- the 
family, planning commission, 
Anthony Walker writes from 
Peking. 

The lost 50-60m people, 
equivalent to the population of 
-France, have been uncovered by 
a. census conducted earlier this 
year. China’s “new” popula- 
tion of about . LQ5bn people 
means that it has little chance 
of holding to Its target of 1.2bn 
by the end of the century. The 
figure is certain to lead to 
tougher birth control measures. 


Palme toughens line 
on alien submarines 


Mr Olof- . Palme, the Prime 
Minister, said yesterday , that 
Sweden would harden, its stance 
toward any foreign power violat- 
ing itS- territory add was ready 
to give- the order to sink any 
alien submarine found in -its 
waters. * Reuter reports : from 

Stockholm. 


By-election win 
white in Zimbabwe 


,®»publicaii Front 
Party of former Rhodesian 
Prime Minister Ian Smith has 
won a parliamentary by-election 
m Zimbabwe s Bulawayo north 
Harare^^ 7 ' fcfiMer reports 


He hung the word like an albat- 
ross around his own neck. A 
“wimp’* in American political 
terms,-' is someone who would 
probably be most accurately 
personified • by former Presi- 
dent Jimmy Carter. "Weedy 
twit" might be the nearest 
dtish equivalent. 

Mr Thompson delightedly 
denied that he had ever caUcd 
Mr Stevenson, a "wimp," in a 
statement in which he man- 
aged to use the word over and 
over again. . The so-called 
Wimp Factor entered Illinois 
politics overnight 
Now, after a strong early lead 
In the opinion polls, Mr Ste- 
venson has slipped badly and 
is running behind Mr Thomp- 
son. The rightish 6 ft 6 in- 
tali governor has also had a 
field day with Mr Stevenson's 
record in Ihe U.S. Senate, 
where he spent 10 years from 
1971. 

Mr Thompson likes to ask his 
audiences on the campaign 
• trail if they can remember 
something — 1 anything — that 
Mr Stevenson did in a decade 
in Washington- Invariably, 
he says, the answer is-no. 

Mr Thompson has carefully 
distanced himself a little both 
from President Reagan- and 
Reaganomics. Unemployment 
in Illinois, -at 12.5 per cent is 
well above the ; post-war 
record 10 J. per cent national 
average. 

He rraimtaiflK , however, mat 
under his stewardship the 
state has fared better than 
most in the mid-west, and he 
fans some figures to prove it 
Last week, the commerce 
department - . reported that 
Illinois had the highest mid- 
western income per head last 
year, and the sixth highest in 
the nalidn. New York bond 
dealers stfll regard the state, 
with its. coveted AAA rating, 
as one of the nation’s best 
credit risks. ; 

Mr Thompson has contrived to 
promote a tough anti-crime 
image; spending millions of 
doHaxs on. new ' prisons to 
house a convict population 
.that has doubted since he 
took office. He ban succeeded 
In 'mniTitfl'MMng - good relations 
with both. . business and the 
“ common folks ” in the trade 
- unions. 

If he is vulnerable, it could be 
as a result of a number of 
. -expensive gifts that he was 
. . revealed as having accepted 
earlier this year — -including 
free holidays, art works, 
antiques, $509 in cash, and 
some krugerrands. He now 
rays that he has learned bis 
lesson, and has set a $100 
limit on any future offerings. 
But the damage was done. 

Mr Stevenson is playing up the 
Issue for all it 1 is worth, 
reminding voters of bis own 
experience as chairman of the 
Senate ethics committee. 
Mr Stevenson says he was born 
with “a hereditary case of 
1 public service.” He insLsts'tfcat 
he almost invariably voted the 
right way in 6,000 or so votes 
in the senate* where he took a 
particular interest in techno* 
logical and energy issues— 
although be does not see:Ws 
Washington record as p»rt> 
ttdarty relevant to the guber* 
natoriai campaign. . 

He would prefer to holtf-up Ms 
earlier record as ~ state 
treasurer, which be prodehna 

to be a shining example -<f 
sound financial management 
He resents Mr Thompson’ 5 . 
charge that he voted, for JQQSnois 
tax increases 33 times 17 years 
ago (there Is heated debate 
over whether, a state tax to* 
crease may be necessary next . 
year). It’s just sot retev&fit- 
he says. .Like his . father* h« 
would almost certainly Hte » - 
be president of the II Sfc/W 
• has a.tougb fight' <m.hls hal»V 
Despite tjtg expensive. jflffiSa?* 
suggestions • that - beftoccs 
allowed bimHAif 
senerous pay increase..^ 
Thompson baa keotblfl.^P 
reasoiMbiy clean. Or, 

TOteran iocal poiliefifflr W* 
it: “.IBs admmistratioti^S - • 

been basically free •• 

acapdal of conseqoei^*. ^ 
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/^aiicial Times'. Saturday October 23 1982 


UK NEWS 



LABOUR 


Brendan Keenan, in Belfast, examines the long-term implications of the Ulster election results 


Sinn Fein dashes hope for Assembly of moderates 


ONE OF THE hopes expressed 
by the Ulster Secretary, Mr 
James Prior, when he launched 
his plan for a ■ Northern 
Ireland Assembly, was .that the 
proposal -migftt encourage 
moderate elements to emerge 
from their self-imposed exile 
from political life. 

The result of the election, 
with final counts being com- 
pleted last night, could hardly 
be further from that objective. 

The only entrant In political 
life who might answer Mr 
Prior's description was Belfast 
barrister Mr Robert McCartney, 
who was elected for the Official 
Unionists in Norfh Down. 

Otherwise, the only new fac- 
tor was the last one which Mr 
Prior, the Irish Government, or. 
the other Ulster parties would 
have, wished:, the emergence of 
Sinn Fein, the Provisional 
IRA’s political movement, as a 
serious force. 

Apart from this, the . only 
lesson to.be learned from the 
1982 election is that die search 
for neiw alignments in Ulster; 
politics remains a futile one. 

The Northern Ireland elec- 
torate voted almost exactly as 
it has voted in every contest 
since the Assembly elections of 
1973, which led to the ill-fated 


power-sharing executive. ■ . 

The same dreary impasse 
which has bedevilled . all 
attempts at a political settle- 
' ment emerged once .again. The 
Rev Ian Paisley's Democratic 
Unionists continue to challenge 
the Official Unionists but axe 
unable to become the dominant 
party on the Loyalist side. 

The centre Alliance Parly, 
which crosses the sectarian 
divide and has been the most 
consistent supporter of British 
Government policy, » stuck 
with less than 10 per cent of 
the popular vote. 

The main CathoMc party, the 
SDLP, has held on to its vote, 
despite an organisation which 
showed signs of crumbldng 1 in 
several constituencies, especi- 
ally the Belfast, one. 

. Its difficulties were increased 
by having to campaign on a 
complicated . ticket . which 
involved boycotting the elec- 
tions and pursuing a united 
front with - southern political 
.parties through a council to 
discuss “ a new Ireland.” 

Politicians, ' including Mr 
Prior, concluded from the 
results that the .Sinn Fein vote 
was garnered from an elector- 
ate winch had previously 
abstained. SDLP politicians 


Mixed response to 
steel strike call 


think the traditional -republican- 
vote was augmented by frus- 
trated young people in dis- 
advantaged, areas such as West 
Belfast, while their Own. sup- 
porters stayed at home. 

' The most extreme of these 
deprived ' youngsters . have 
always provided 'the IRA with 
its volunteers and: it ' how 
appears that larger numbers of 
them are prepared to . supply I 
Sinn Fein with votes. 

The impact of Sinn Fein's 
arrival on the scene wrH take 
time to assess. One of the most 
outspoken . Unionists. ; Mr 
William Bleakes, spelt out what 
many of has colleagues are 
ttanteng: “ Don’t fcnget . who 
these, people represent,” he 
sadd. “ Ifs the ProvssKmal IRA 
who shoot policemen in the back 
and muxder bahdes an . theor 
" - - • 

' . It is going to be very difficult 
to “ take account of .Siam Feta." 
— to use Mr Prior’a phrase — 
wWe the IRA campaign con- 
tinues and most Ulster poli- 
ticians would share the view of 
Mr Meriyn Rees, Labour MP, 
when he predicts ah increase 
in IRA violence. 

Dublin newspapers have 
already been retailing 1 1916 to 
1922, when the Easter rebellion 


received Justification from the 
electorate and the then Sinn 
Fein destroyed the Nationalist 
Party in a few years. 

The parallels are far from 
exact but Fine Gael politicians 
in Dublin have been forthright 
in expressing outrage that so 
many of their co-religionists 
have voted for IRA associates. 

The attitude of the ruling 
Fianna Fail Party and. Premier 
Charles Haugfrey is less dear. 
Mr Haugbey indicated on Irish 
television that be thought Sinn 
Fein should be given a hearing 
4f it was. prepared to take up 
democratic politics. 

The only straw for incurable 
optimists is that, in the long 
run. Sinn Fein’s success might 
persuade at to take the political 
road. The party is unlikely to 
improve oh its 10 per cent 
figure wQxQe the violence con- 
tinues and the issue may yet 
prove dtvszve for them. 

Mr Prior, in the meantime, 
will proceed with setting up the 
Assembly but its chances look 
slimmer than ever. The threat 
from. Sinn Fein has reduced any. 
lingering hope that the SDLP 
could be persuaded to drop its 
boycott. 

The resuit has also damaged 
the SDIf’s credibility as the 


representative of the Catholic 
minority. This will increase 
Unionist pressure an the Sec- 
retary of State to transfer 
power to the Assembly on a 
weighted majority basis, irres- 
pective of whether; the SDLP 
takes part 

Mr Prior and the British 
Government are unlike] y to 
a^ee, but dt wall not be easy to 
wind up an . Assembly whose 
only flaw is that the SDLP, rep- 
resenting less than a fifth of 
the electorate, is not taking 
part. i- 

The alternative, which the 
Secretary of State seemed to be 
hinting at, is to let the 
Assembly drag on in its role of 
watchdog, : 

Soane political observers 
believe "there is a limit to how 
long that phase can usefully 
last" TBiey point out that the 
Assembly, without any power, is 
likely to become just an ixres- 
poflsJWe opposition and a thorn 
ia the Government's side. 

Mi* Prior will evoke sympathy 
when he says he owes it to the 
people who have died to keep 
on trying. Vet, in perhaps the 
most . candid comment on the 
•election results, be said rue- 
fully: “ Everything in Northern 
Ireland is a setback.’ 1 



STEEL-MAKING was halted 
throughout the British Steel 
Corporation (BSC) yesterday, 
when many of the 94,000 
employees responded to a TUC 
call for a one-day strike to 
protest at further closures of 
plants. 

BSC said the response was 
patchy. however. Several 
thousand employees turned up 
for work, and a number of 
operations outside heavy steel- 
making were not halted. 

Among the five main plants, 
LI an we rn, Port- Talbot and 
Ravenscraig were not due to 
work yesterday because of a 
shortage of orders. Lost pro- 
duction in its other plants is 
not likely to worry BSC, which 
has a thin order hook, but the 
corporation was concerned that 
! the strike would undermine 
customers’ confidence. 

The unions hailed the strike 
as a publicity victory, and said 
they were not concerned with 
“virility counts” as to how 
many workers had supported 
the action. A majority bad 


responded, they said. 

They bope to build up 
popular momentum, behind 
their call for import curbs and 
extra money, possibly £350m, 
to tide BSC over its trading 
difficulties. 

Their aim is to embarrass 
the government by showing 
that not only would there be 
industrial action if one or two 
of the big five plants were 
closed, but also that a massive 
groundswell of local feeling 
would oppose it. 

Mr Michael Brown, Conserv- 
ative MP for Scunthorpe, spoke 
out against further job losses 
in steel, although he opposed 
the strike. Other Tory MPs 
were unhappy with BSC 
policies, he said. However, Mr 
Brawn was booed when he 
attempted to address a rally of 
500 strikers, and was prevented 
from speaking. 

The weakest response to the 
strike call was in South Wales, 
where 62 per cent of those due 
to work in the strip steel plants 
turned up. 


Mr James Prion Everything 
In Northern Ireland is a set- 
. back 


Further 

interest 


Jenkin admits to anxiety over steel! Un j breUa 


Shell workers accept 7% 
in first oil industry deal 


BY BRIAN GROOM, LABOUR STAFF 


rate slide 


BY IVOR OWB4 


makers 


predicted 


By Robin Pauley 


CITY ANALYSTS - yesterday 
predicted a further rapid slide 
in interest rates, income tax 
cuts and as much as five per- 
centage points off the mortgage 
rate by next summer after the 
Chancellor's speech to bankers 
on Thursday night 
The Chancellor’s speech at the 
Lord Mayor’s dinner stressed 
that the Government expects the 
inflation rate to fall to 5 per 
cent by the spring. The Govern- ! 
ment will adopt a flexible 
approach to prevent monetary 
policy becoming too tight and 
it will not focus too much atten- 
tion on any single monetary 
aggregate’s target. 


LABOUR .FEARS that the Gov- 
ernment is preparing for a 
further substantial contraction 
of Britain’s steel industry were 
intensified by the sombre terns 
of the statements made by Mr 
Patrick Jenkin, "Industry Secre- 
tary, in the Commons yesterday. 

He admitted sharing “ much ” 
of the anxiety expressed by the 
Opposition, but he refused to 
single out Ravenscraig or any 
other major BSC plant has hav- 
ing an assured future. 

Mr Jenkin said there had to 
be a rational examination of the 
“ very grave position ” which 
the industry faced. The list of 
options being prepared, by Mr 
Ian .MacGregor the BSC chair- 
man, formed n$rt of that pro- 
cess. 

His undertaking to ensure 
that a British steel industry of 


“adequate capacity" survived 
brought an immediate challenge 
from Mr Michael Foot, the Oppo- 
sition leader, to reveal the size, 
the Government had in mind.'. 

Mr J eaten disclosed that Mr 
central question under examina- 
tion. He emphasised that while 
the industry produced 14.4m 
liquid tonnes of steel fast year 
its actual capacity was more 
than 20m tonnes. 

He accepted that any proposal 
to close a major steel plant was 
a matter for decision by the 
Cabinet. But there would be no 
attempt to “ shuffle off " res- 
ponsibility on to BSC, he 
added. 

Mr Jenkin disclosed that Sir 
Tan MacGregor, BSC chairman, 
had informed the Government 
that the corporation could not 
he expected to meet its financial 


targets and break even in the 
current financial year. 

Mr MacGregor bad ateo 
. warned that the prospects for 
'the following two years had 
deteriorated. 

Mr Jenkin said the Govern- 
ment was discussing the 
economic and financial frame- 
work within winch BSC should 
operate in the period to 1986. 

- He rejected renewed Labour 
pressure for -unilateral action 
to curb steel imports and made 
no direct response to a demand 
.by Mr Stan Orme, Labour’s 
shadow industry minister, for 

- an easing of the cash limits 
“ now pressing in on BSC." 

Mr Jenkin defended the new 
EEC agreement to limit steel 
exports to the U£. and told 
Labour critics that it provided 
a better deal for the British in- 


dustry than any British' govern- 
ment acting in isolation would 
have been able to obtain. - 

He said the agreement had 
removed the threat of counter- 
vailing duties being imposed on 
BSCs exports to the UJ5., but 
legal action by American com- 
panies could still result in such 
sanctions against exports from 
Britain’s private sector special 
steels manufacturers. 

Mr Jenkin underlined the 
Government's determination to 
secure more effective action by 
the EEC Commission to achieve 
comprehensive enforcement of 
measures to restore stability tD 
Community steel markets. 

He said the Commission must 
consider the need for other EEC 
countries to. match the reduc- 
tions in steel capacity already 
made by Britain. 


singm 
the rain 


By Janies McDonald 


The brokers’ analysts all 
agree with the Chancellor's pre- 
dictions on inflation and some 
expect the rate of increase to be 
well under 5 per cent before it 
starts to swing upward from 
next summer. 

“James Capel interpreted the 
Chancellor’s remarks about 
lower borrowing and flexible 
monetary policy as a sign of 
aggressive moves to get interest 
rates dawn sharply. 

There is a widespread feeling 
in the City that interest rales 
may start to fall again next 
week and could move from their 
present 9.5 per cent to about T 
per cent by early next year. 

Simon and Coates is con- 
vinced that interest rate policy 
is now the primary’ concern of 
the Government and the fall in 
U.S. interest rates and the UK 
inflation rate indicated that 
rapid falls were possible soon. 

Thitr could lead to a two per- 
cent age point cut in the 
mortgage rate in December 
followed by another two or 


Civil Service pensions index link defended 


BY IVOR OWEN 


CIVIL SERVANTS were given 
a virtual assurance by Mr 
Barney Hayhoe. Treasury 
Minister of State, in the 
Commons yesterday that they, 
have nothing to fear from the 
campaign to end the inflation- 
proofing of their pensions. 

Conservative back-bench MPs . 
continued to express concern 
about the financial implications 
of such a commitment and Sir 
Anthony Fell, MP for Yar- 
mouth. argued that it was in 
conflict with the Government's 
counter-inflation policy. 

He called for an end to 
index-linked or inflation-proofed 
pensions for civil servants and 
MPs. 

Mr Hayhoe described this as 
a *’ simplistic route ” and main- 


tained that flip actual . choice 
was between index-linking and 
some other “up - rating " 
arrangement, to protect the 
real value of pensions. 


Mr Hayhoe maintained that 
much of the public resentment 
of the advantages which civil 
servants gained from index- 
linking was. based- on a. 
misunderstanding of ■ the 
arrangements under which 
pension benefits were taken 
into account when salaries were 
determined. 


He -explained that this was 
one of the reasons why the 
government was attracted to 
the idea .of changing the civil 
service pension scheme to a 
contributory basis. 


While stressing that no 
decision had yet been taken,. 
Mr Hayhoe underlined the 
presentational advantages of a 
scheme which would enable 
the establishment of a direct 
link between the value of 
contributions and benefits, and 
would permit valid comparisons 
between pensions in the public 
and private sectors. 

Mr Alaii Williams, the chief 
Labour spokesman in the deb ate. 
claimed that . Mr Hayboe's 
speech signalled a “major 
poBcy U-turn by the Prime 
Minister. It was Mrs Margaret 
Thatcher, he said, who had en- 
couraged Tory backbenchers to 
campaign against the continu- 
ance of index-linked pensions 
for the civil service. 


Sir William Clark, MP for 
■Croydon South, and chairman of 
the'Conservative back-bench fin- 
ance committee, complained that 
index-linking provided workers 
in the public sector with bene- 
fits which could not be equalled 
by employers* in the private 
sector and would lead eventually 
to the creation of "two nations" 
in retirement. 


FARMERS pray for rain at 
certain times and corse It at 
others. Bat to Britain’s few 
remaining umbrella manufac- 
. tnrers, it is always welcome. 

With just over a week to 
the end of the month, this 
October is within reach of 
becoming the wettest on 
record and the dispatch 
departments of some umbrella 
manufacturers and importers 
are working double shifts to 
meet the unexpected demand. 

“The stores are all driving 
us potty,” said Mr Stewart 
-Schaverien, chairman of the 
National Federation of 
Umbrella Manufacturers yes- 
terday. Despatch staff of his 
own company— Sol Schaverien 
and- Sons, which sells over 1m 
umbrellas a year— are work- 
ing 14 hours a day to fill 
orders. The company is 
producing double the number 
of umbrellas for a normal 
October at an average retail 
price of abont £10. 


THE FIRST oil industry settle- 
ment in the autumn pay round 
was reached yesterday when 190 
process and manual workers at 
Shell's Teesport refinery,, in 
Cleveland, accepted a deal worth 
7 per cent. 

This may set a benchmark in 
Shell and throughout the in- 
dustry, on both the refining and 
the marketing side. Siiell 
refinery workers have an 
October 1 settlement date. 


The deal is much in line with 
average settlements in manu- 
facturing industry, in spite of 
the depressed state of the refin- 
ing business. 

It provides further evidence, 
after an S per cent increase 


last year lhat no sharp fall in 
the level of pay settlements has 
emerged, even though the 
Government predicts 5 per cent 
inflation by the spring. 

Process workers at Shell’s 
Shellhaven refinery, Essex, have 
also received a 7 per cent offer 
and will vote on it next week. 
Offers on basic rates at other 
locations are 3 per cent to 5.2 
per cent at Stanlow, 5 per cent 
at Carrington, and 5.2 at Ardros- 
san (with only 4.4 per cent on 
shift allowance). The offers are 
expected to be raised in further 
meetings. 

O Pay rises of 6.S to 7.5 per 
cent have been agreed on behalf 
of 50,000 staff and senior 
officers in the gas industry. 



to benefit from £2m fund 


BY DAVID GOO DH ART, LABOUR STAFF 


He suggested that an upper 
limit — possibly 6 per cent — 
should be set to the indexation 
in any one year. 

Sir William said: “The govern- 
ment should serisjisly look at 
some means of getting out of 
the commitment that has. been 
made. It has got to be done 
honourably.” 


three points in the spring to 
take mortgage rates down as 
low as 7 or S per cent. 

The mortgage rate has a sig- 
nificant impact on the retail 
pnee index and if the rate falls 
as sharply as that, inflation of 
much less than 5 per cent is pos- 
sible by the spring and could bp 
further reduced if indirect 
taxes are not increased heavily 
in the Budget. 


Radio Four 
future ‘for 
discussion 9 


BAe lowers production 
target for 146 airliner 


BY MICHAEL DONNE, AEROSPACE CORRE5PONDB4T 


Bacon group to 
set payment to 
former executive 


By Arthur Sandies 
THE British Broadcasting Cor- 


PhiHips "and Drew said the Poreiion, wincing under protests 


ChanreHor's commenis 


against rumoured chances to 


momao’ nggregai^ tadirated ™io P™“; 

that he would nor be unduly discussion documem on the 


worried If lit money s^ly »»*« 

targets were exceeded. Starting ^JSSS«? ,re0 ' 


the breed measure of tor for public examination 


money, is already rising at 11.5 The director, Mr Richard 


per cent, close to the lop of its Francis, was less than specific, 


S t" 12 per cent target. 


however, when interviewed yes- 


Therr is general agreement terday on Radio Four. He raid: 


that the Chancellors references “Any changes to Radio Four 


to flexibility in monetary policy must be by evolution and not 
mean the extra leeway from by blueprint." 


undershooting on public sector Though stressing there was no 


borrowing will lie made up in pj^n to make Radio Four an 
tax cut?- although ministers are all-news channel he refused to 


mil cautious about the likely | drawn on obvious targets 


.-Lupr fur cuts in the Budget. 


Mackerell sales to 


factory ships banned 


which might be switched to local 
radio frequencies, notably The 
Archers. 

Hespoke of a “ fifth ChaxmeL” 
This would be the local stations. 


MEASURES to repel East Euro- 1 Those " might cany a variety 


pean factory ships which hare 


centrally-produced. 


gathered off Britain’s south- p-ammes^ in additSoiito their 
West const lo buy mackerel locaHynriginated material. 


BRITISH AEROSPACE is 
adjusting its production plans 
for the new 146 four-engine 
regional jet airliner because 
orders have been slowed by the 
world recession in air travel. 

The company had planned 
to increase production to three 
or four aircraft a month by 
the end of next year, but the 
rate is now likely to he held 
at two a month. 

BAe has firm orders for 12 
aircraft with another 13 on 
option. Several more contracts 
are being negotiated but they 
have been slow in coining to 
the point of signature. 

Boeing of the U.S., which is 
building the 767 twin-engine 
jet airliner, is also reducing 
production — from 34 aircraft- 
a month to 2* a month from 
next January. It expeefs orders 
next year to fall to about 40 
per cent of this year’s figure, 
which in turn was well down 
on last year’s. 

There has been a marked 
slackening V interest hi new 
aircraft by world airlines 


because of their serious finan- 
cial plight. 

The International Air Tran- 
sport Association; representing 
more than 100 of the world's 
major airlines, is forecasting a 
collective loss for its members 
of about $2bn (£1.2bn) this 
year, with a comparable or 
even greater loss likely next 
year. 

BAe is nevertheless pushing 
ahead with its sales programme 
for the 146. It is today sending 
one of the aircraft on a 60.000- 
raile -sales and demonstration 
tour of • the Middle East, 
Pakistan. India, South-East 
Asia, the Far East and Aus- 
tralasia. 

Sir Austin Pearce, chairman 
of BAe, yesterday denied re- 
ports that the 146 programme 
is in financial difficulties. 

The company remained firmly 
committed fo the venture and 
would continue to invest the 
planned £350m in it, he said. 
But it would have to tailor its 
spending, and consequent pro- 
duction, to orders. 


By Ray Maughan 


caught by British vessels, hare i Suggestions for BBC Radio’s 


Inva announced by the Govern- i future were presented to the 


corporation's governors 


Rolls-Royce confident on 


I'ishiiig licences for the area I week and the BBC said, would 
will be revoked from November ! be published as soon as possible. 


l. and new licences will be This report is available to the 
i.v-ued allowing only 90 tonnes public upon written application 


joint aero-engine pact 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


per vessel per week. This will but last night the BBC could not 
make the fi>hery uneconomic for say how soon it would be 


the large Scottish pus.se seine printed. 


fleet which had been selling to 
tin> factory ships. 


Mr Francis said yesterday: 
What we have proposed is: 


rranj-liiptm-m of catches at Radi0 as a p£ p and rock 
?ra will be banned to ensure musie ne i W ork. with news and 
maximum supplies to UK on- sm , ech geared for younger 
shore processors. Last season. llsfe ners; Radio Two as an 


i.uon nut of 11500 tonnes of entertainment network based 
mackerel were transhipped to on middlemf-the-road music: 


foreign vessels. Radio Three as a music and 

"■■■ arts network: Radio Four UK 

r* 1 , • j as the national speech network. 

Deal not signed based as at present on news and 

CONTRARY to a news agency current affairs but responding 


Deal not signed 


repori in Wednesday’s Finan- flexibly to events and offering 
c»a I Times, DainicAikiko. the the fullest possible range of 


Japanese robot manufacturer, other programmes.’ 


has not signed a 
agreement with 
University. 


research BBC Radio for the Nineties. 
Cambridge BBC, Broadcasting Souse, Port * 
laud Place ; IsOiidan VIA 4VV r W. 


ROLLS-ROYCE remains confi- 
dent that it will reach an agree- 
ment with Pratt and Whitney 
of The U-S. and its three 
Japanese partners on the joint 
development of an aero-engine 
for any future 150*eat civil 
aircraft. 

In the past week, tbere have 
been suggestions, from. Tokyo 
that Prat and Whitney was con- 
tinuing its discussions on the 
possibility of a seven-company, 
five-nation consortium for aero- 
engine, but was also seeking 
separate collaboration with the 
Japanese. 

Rolls-Royce went to consider- 
able lengths yesterday to try- to 
refute these persistent sugges- 
tions. It stressed in a joint state- 
ment with the Japanese com- 


panies involved that the collab- 
oration between them on the 
existing RJ-500 aero-engine • was 
continuing. 

At the same time, however, 
it admitted that the wider talks 
on a larger aero-engine consor- 
tium. embracing not only itself ! 
and the Japanese but also Pratt j 
and Whitney, MTU of West Ger- 1 
many and Fiat of Italy, were , 
“understandably complex and : 
are taking time to complete.” I 

Rolls-Royce also categorically 
denied suggestions in a radio 
broadcast that the Japanese had j 
separately asked Pratt and Whit- 1 
ney to take the lead in. a new j 
consortium, and that Rolls-Royce j 
had passed advanced technology ■ 
to the - Japanese aero-engine 1 
industry without any return, j 


OUTSIDERS will be barred next 
Friday when shareholders in 
Danish Bacon meet at the Hyde 
Park Hole! for a meeting con- 
vened to consider the size of the 
severance payment due to Mr 
Erik Traufman, the former 
chief executive and managing 
director. 

Mr Trautman and Danish 
Bacon fell out earlier ibis year 
and spent more than six weeks 
struggling over compensation. 
Reasons for the disagreement 
will probably not be amplified 
fully until the shareholders’ 
meeting at 10 am. Mr Trautman 
has been with the company for 
28 years. He can be removed 
from office, but cannot be sacked 
without shareholders’ consent, 
under the terms of the group's 
constitution. 

Danish Bacon sacked Mr 
Trautman at the end of last 
month. Ratification of the sack- 
ing will be sought at the meet- 
ing on Friday. Mr Trautman is 
claiming compensation- of 
£414.000 on the basis lhat he 
was on a nine-year service con- 
tract and should be paid nine 
times his annual salary. 

Mr K. Bonefeld. the chairman, 
explained to shareholders a 
couple of years ago the relation- 
ship between the farming co- 
operatives in Denmark, which 
own a half of the equity, and 
Drofessional management in tire 
UK. He said that “ we rely 
with complete confidence on 
Erik Trautman and the execu- 
tive directors resident in 
England.” 


Shipyard deal 

UNIONS at Harland & Wolff’s 
Belfast yards are willing ■ to 
accept 1,200 proposed redun- 
dancies because of the chance 
of an order to build four 10.000- 
tonne ships for Blue Star line. 
Workers were told it depends 
on improved efficiency and 
productivity. Work would be 
provided for the engine-shops 
but redundancies would , cut the 
workforce to under. 6,000. 


So far this month 4.26 
inches of rain have fallen in 
London. The average for 
October is 1.69 inches and the 
wettest October on record was 
in 1960 when 5.21 inches fell. 
There have ben only two days 
this month when no rain has 
fallen in London. 

The only cloud on the um- 
brella trade’s horizon is that 
it may not he able to meet 
demand if the wet weather 
continues Cor long. 

Sir Schaverien said the 
British umbrella manufactur- 
ing trade had been devastated 
by low cost imports. Scores 
of manufacturers had gone 
out of business over the past 
25 years and imports from 
the Far. East, predominantly 
Taiwan, now accounted for 
nearly 80 per cent of the 
British market of 12m um- 
brellas a year. 

According to Mr Srhacerien 
there are now only four UK 
manufacturers of any size: 
Schaverien, Lawtcx, Grnwy, 
and Grantiey Burnet. His own 
company also Imports umbrel- 
las and has factories in the 
Far East. 

The problem facing mann- i 
faefnrers and distributors. be 
said, was that British manu- 
facturers did not now have 
the capacity to meet this in- 
flated demand and imported 
stocks were quickly running 
down. 

“ We are manufacturing as 
much .as. we can in the UK 
biit component manufacturers 
supplying frames and covers 
are starting to run out of 
stocks, and orders cabled now 
to the Far East will not 
. arrive in this country until 
January.” 

- Supplies in Britain of im- 
ported and manufacturer um- 
brellas would have been easily 
sufficient" for ordinary d e mand 
at this time of the year, said 
Mr Seheverien. But retailors 
had cut their orders to low 
levels, the exceptional de- 
mand had emptied many 
stores, and now retailers were 
panicking. 

“ still, it's a lovely prob- 
lem to have,” he said. 

One big question mark, 
which could not be fully 
answered yesterday, hovers 
over Britain’s brolly boom. It 
is an odd household in this 
country, which is by no means 
in an arid zone, which does 
not have its family of umbrel- 
las; so why are Britons rush- 
ing to buy more? 

Mr Seheverien put forward 
one theory which, since he is 
also an importer, commands 
respect “ An awful lot of im- 
ports aw cheap and nasty: 
those retailing at between £2 

and £3. You see them with the 
spokes dangling and covers 
flapping. 

“-They are all right for the 
odd shower, but with the con- 
tinuous rain we have been 
having this month, they’re 
folding np under the pres- 
sure.” 


MORE THAN 400 workers 
dismissed for refusing to join 
a trade union between 1974 and 
1980 stand to gain from a £2m 
compensation fund next week 
when the Government's employ- 
ment legislation receives the 
Royal Assent. The rest of the 
legislation will become law in 
the next two months. 

Mr Norman Tebbti. Employ- 
ment Secretary, vigorously de- 
fended the legislation yesterday 
in a speech to the Freedom 
Association. 

He said: “There has been a 
lot of ballyhoo about whether 
the compensation to be paid 
amounts to a retrospective 
action. I admit that it is retro- 
spective. But it is retrospective 
justice — not retrospective legis- 
lation." 

Mr Tebbii added that lie 
legislation would also increase 
the cost to an employer for 
unfairly dismissing a non-union 


employee from a present maxi- 
mum cf £1.000 to' between 
£12,000 and £30.000. He said: 
“ Remember that in one or two 
years all dismissals for non- 
membership will be unfair if 
the closed shop has not been 
overwhelmingly approved by 
secret ballot." 

0 The Employment Appeal Tri- 
bunal niled yesterday that 
young people on the MSC-fin- 
anced Youth Opportunities Pro- 
gramme have ' no legal 
protection against race and sex 
discrimination. But the tribunal 
urged Parliament to extend tlie 
law to ensure protection in 
future. 

Mr Justice Neill, Tribunal 
chairman, ruled that Miss Jean 
Daley. IS, from Peterborough, 
could not go ahead with her 
complaint against Allied Sup- 
pliers for alleged racial discrim- 
ination because there was no 
contract of employment. 


Council staff to stay out 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


SECTIONS of Birmingham City 
Council • white-collar workers 
voted yesterday lo strike for an 
indefinite period to cause maxi- 
mum disruption to the council. 

They are considering action 
to disrupt the parliamentary by- 
election at Northfields next 
Thursday. 


Administrative staff arc 
demanding unconditional re- 
instatement of three colleagues 
in the social services depart- 
ment dismissed for refusing to 
co-operale in an “efficiency 
surrey” by management con- 
sultants. 


Mr Stuart Bailey, district 
officer for the National and 
Local Government Officers’ 
Association, said ail 9.S00 mem- 
bers employed by the council 
obeyed a strike call yesterday, 


and backed future Industrial 
action. 

He said that the efficiency 
review was part of the Con- 
servative-controlled council's 
plans to privatise services: 
“ Our members realise that 
threatens jobs across the coun- 
'cil.*’ 

Thousands attended a mass 
meeting in Birmingham yester- 
day and endorsed the official 
strike by 600 social workers. 

Other members will return to 
work but operate sanctions such 
as refusing to service council 
committees, answer telephones 
or pay contractors. 

Mrs Freda Cocks, Conserva- 
tive deputy leader, said last 
night that if council employees 
tried to disrupt the by-election, 
part-time workers or unem- 
plpved could do the work. 


Reservations 


expressed on 


Megaw report 


No progress in 
wage rise talks 
at Vanxhall 


By Philip Bassett, 

Labour Correspondent 
SERIOUS reservations about the 
findings of the Megaw inquiry 
into how Civil Service pay is 
determined — which Recom- 
mended an increased use nf 
management consultants to help 
fix pay rises — were voiced yes- 
terday by a leading manage- 
ment consultant. 

Mr Ron Scott, director of the 
industrial and human relations 
division of Inbucon, the man- 
agement consultancy, said there 
were “ considerable dangers ” 
in using management con- 
sultants to provide the inform- 
ation on the comparability of 
Civil Service pay, as the Megaw 
inquiry recommends. 

He told the Institute of Per- 
sonnel Management conference 
at Harrogate that there would 
be considerable disagreement 
between various groups of man- 
agement consultants, and dif- 
ferences in the data on pay 
which they would supply to the 
Pay Information Board recom- 
mended by Megaw. 


By Lome Barling 
Two days of talks at Coventry, 
involving Vaux hall's joint 
negotiating committee, ended 
yesterday with no progress 
towards onion acceptance of 
the company's S per cent pay 
offer, Vans ball said. 


A management spokesman 
said onion negotiators had 
been told once again that the 
offer, which includes an addi- 
tional holiday bonus said to 
raise the amount to 9 per 
cent, could not be increased. 


The offer had already been 
improved twice — once from 
6 per cent to 7.25 per cent, 
and then to S per cent There 
had also been a concession to 
lengthen holidays. 


The issue of union opposi- 
tion to the importation of 
Certain Vanxhall cars had 
only been discussed Inform- 
ally. There had been no pro- 
gress on the matter, the 
company said. 


Financial Times Saturday October 23 1982 


THE WEEK IN THE MARKETS 


New issues drain funds away 



EQUITIES had looked set to 
Cake a quick sprint through the 
week. Despite the recent spate 
of sew issues — including the 
blockbusters from STC Inter- 
national Signals Controls — 
funds initially remained readily 
available 

By Tuesday morning the FT 
30 share index was almost 16 
points ahead and much of the 
time it was a question of finding 
enough stock to satiate the 
demand. The euphoria, as 
before bad been fueled by the' 
improving outlook for inflation, 
declining world interest rates, 
and the fact that Wall Street’s 
Bow Jones index seemed to be 
bubbling towards a ten year 
high. 

Gilt edged continued to steam 
ahead and to everyone’s sur- 
prise the £750m tap shock was 
exhausted after only five trading 
days. Attention switched to the 
previously less favoured index- 
Mniced stock. 

Then, like the weather, every- 
thing dampened down and by 
yesterday the index was slipping 
back as lucky recipients of STC 
allotments began to cash in. The 
FT 30 share index finished the 
week up 15.5 at 168.4 and the 
FT Government ' Securities 
index was 0.89 higher at 83.89. 

Bonds queue up 

The traffic police around 
Threadneedle Street have 
divided the funding freeway 
neatly into three lanes. The 


LONDON 

ONLOOKER 


ordinary share avenue is 
blocked temporarily, since the 
looming Britoil float — due in 
November— has already brought 
tiie equity queue to a halt. 
Bulldog bonds— sterling issues 
by foreigners — continue their 
usual steady progress although 
the Old Lady does like to sit 
in the driving seat and keep 
the brake on these days. Cor- 
porate bond issues by UK 
companies are now an open 
road although any attempt to 
pull over for a moment entails 
at least a three-month wait on 
the hard shoulder for a gap in 
the traffic. 

Still driving in the fast lane 
Barclays Bank has come back 
to the fixed interest market 
after only an eight -month 
Interval with a deferred £150m 
unsecured loan stock tagged at 
a 12 per cent coupon and repay- 
able in 2010. 

The gross redemption .yield 
works ont at 12i per cent by 
reference to a basket of 
equivalent long dated gilt-edged 
securities. The margin Barclays 
has given over . their average 
yields is 15 per cent which 
compares with a 0.7 per cent 
premium when the bank raised 
flOOm of fixed Interest debt on 
a 16 per cent coupon back in 


February. The reference gilts 
have been altered a little in 
the intervening months so the 
true margin comparison is 0.7 
per cent la* winter and 1.7 
per cent daring the week. 

The tank attributes the rela- 
tive generosity of the terms, 
despite the overall drop in rates 
generally, to the under-per- 
formance of corporate debt 
against Government securities 
recently and also is willing to 
admit that the tanking sector 
“has fallen nriltBy out of 
favour tins year.” 

Nevertheless, the corporate 
bond market is in full spate. 
Indeed, Barclays says that bad 
it ducked its funding opportu- 
nity this week St would still be 
trying to jam its foot in the 
queue come the New Year. 

BOC Group started the 
latest trend, of course, when it 
raised £100m in .September. 
The aim was to reschedule 
variable rate borrowings so 
when it picked up a major buy- 
ing opportunity in . the UJS. 
medical health market (hiring 
the week it decided to place 
29m shares «t 176p per share 
to pay for the acquisition. 

That raised some £51zn which 
covered toe cost of Gtasrock’s 
home medical services' division 
and another 26 per cent bold- 
ing in Mountain MedicaL 

The industrial gases group 
already has shout half its capi- 
tal in the TJ.S. and a good tenth 
of its assets are already em- 
ployed in medical care and 


MARKET HIGHLIGHTS OF THE WEEK 


F.'T. Govt, Sea, Irtdex 
F.T. tnd. Ord. Index"* 

Arien Bee. 

Automotive Product! 
Bardays Bank 

Bfo-faojatas 
Bryant Holdings 

Dixons Photo. 

Electronic Machine ~~ 
Eucalyptus Pulp Mifa 

Footwear lim. 

GUI & Duff us 
Cillett Bros. ~~ 

Hawker Siddeley 

Low (Wm.) 

Mining Supplies 
Randfontein ~~ 

Ruddle (6.) ~ 

Ward A Gofdstone 
Wilkes (Jas.) 


Change 
on week 

+ 04S 
+154 
+15 
+ 7 
+45 
+19 
-33 
+32 
+ > 
-42 
+16 
+22 
+32 
+24 
+22 
+16 
+ li 

+30 

+20 

+15 


1982 

Low 

61.89 

ST8.1 

18 

19 

351 • 

44 
73 
155 
21 
186 
65 
108 
125 
290 
147 
56 
.£19 
160 
35 
44i 


Continuing fall in inflation . . . 

... and interest rates, 

Speculative demand/ thin market" 
Recovery hopes 

Yield attractions 

U4. buying ~~ ~ 

Chairman’s profits warning 
Consumer spending hopes 
Bid from Inti Comm. Tech nology 

Poor Interim results 

Acquisition of Rhmoterm 

Interim statement 

Merger with Jesse! Toynbee 
Satisfactory Interim figure s 
Excellent annual results 
Secondary Engineers in demand 
Sharply higher quarterly profits 
Watney marketing agreement 
^Chairman's AGM statement 
Bid from Mr A. T. Brain 


BUILDING SOCIETY RATES 


Deposit Share Sub’pn 



rate 

accounts 

shares 


% 

% 

% 

Abbey National 

7.50 

7.75 

940 

Aid to Thrift 

840 

8.75 


Alliance 

740 

7.75 

940 

Anglia 

740 

7.75 

940 

Birmingham and Bridgwater 

7.50 

7.75 

945 

Bradford and Bingley 

7.25 

7.75 

940 

Britannia 

740 

7.75 

9.00 

Burnley 

740 

7.75 

940 

Cardiff 

740 

840 

945 

Cardiff 

— . 

29.00 


Catholic 

740 

8.00 

9.00 

Century (Edinburgh) 

SJ4 

8.65 

_ 

Chelsea 

740 

7.75 

9.00 

Cheltenham and Gloucester 

740 

7.75 

940 

Cheltenham and Gloucester 

— 

8.75 

. 

Citizens Regency 

740 

8.00 

940 ’ 

City of London (The) 

7.75 

8.10 

9.25 

Coventry Emnomic 

740 

7.75 

925 

Derbyshire 

7.50 

7.75 

9.00 

finjrrriifln - 

740 

8.00 

__ 

Halifar 

7.50 

7.75 

' 940 

Heart of Rngfa-rat 

740 

7.75 

9.00 

Hearts of Oak and Enfield... 

740 

840 

940 

Hemel Hempstead 

740 

7.75 

9.00 

Hendon 

8.00 

8.75 


Lambeth 

740 

8.00 

940 

Leamington Spa 

7.60 

745 

10.65 

Leeds and Holbeck 

740 

7.75 

940 

Leeds Permanent 

740 

7.75 

940 

Leicester 

740 

7.75 

9.00 

London Grosvenor 

7.00 

8.25 


Mids hires 

740 

7.75 

940 

Moramgton 

840 

840 


National Counties 

7.75 

845 

9-05 

Nationwide 

740 

7.75 

9.00 

Newcastle 

740 

7.75 

940 

New Cross 

&29 

840 

— 

Northern Rqck 

740 

7.75 

940 

Norwich 

740 

7.75 

940 

Pnririlngtmn 

7.25 

825 

9.75 

Peckham 

&25 

840 


Portsmouth 

745 

8.05 

945 

Property Owners 

7.75 

825 

9.75 

Provincial 

740 

7.75 

940 

Scarborough 

740 

7.75 

aoo 

Skipton 

740 

7.75 

940 

Sussex County — 

7.65 

740 

aoo 

Sussex Mutual 

7.75 

840 

9.75 

Town and Country 

740 

7J5 

9.00 

Wessex 

7.75 

840 


Woolwich 

740 

7.75 

9.00 

Yorkshire 

740 

7.75 

940 


formerly Huddersfield & 
Bradford and West Yorkshire . 


♦Term shares 

% 

9-25 1-year high option, 9 J5 6 years 
sixty plus, 840 min. £1001 7 
■days’ notice no interest loss *' 

925 4 years. 925 £500 ™in_ 2 mtb&* 
not. or £100 + 60 days' inL pen.' 
9.25 3 yrs n 2 mto&.' withdrwL notice 

9.75 5 years, 8.85 3J years 

8.75 1 m. not or on dem. (inL pen.) 
9.25 Option Bond. 9.00 2 mtha.' not 
9-25 3 yra. 2 m. not; &75 1 m. not . 

— t Share a/tf baL £10,000 & over 
9-26. 3 mtha.’ notice £5,001+ 9.50 

10.15 2-4 years 

9.50 3 yrs. — 90 d. not on amt wdn. 

— Gold Account Savings .of £1,000 
or more. No notice — No penalty 

9.10 3 mths.' notice/1 m- Interest loss 
9-25 C.C. shs- — 4 mtha.’ not — no pen. 
9.50 4 yrs, 9-25 3 yrs., 9.00 3 mths. 
&25-S.85 (3 months’ notice) 

9.75 6 mth., 9.25 8 mth, £3,000 ™in 

— Min. £500, li% pram, gntd, 5 
yrs, 3 mths.' not interest pen. 

1 m. not. 8.75, fieri tm. 5 y. 9.25 

9.75 5 yrs, 9.25 6 mth, 900 4 mth. 
975 3 years, 950 3 months 
9.50 6 months, 9.25 3 months 
10.00 5 years, 9.75 6 months* notice 
935 1 year 

9.75 5 yrs, 8.75 1 month inL pen. 

9-25 3 yrs., EX a/c £500 min. 8.75 
9.25 3 years, 9.00 3 months 

8.75 3 mths.' notice 1 mth.' inL pen. 
9*25 1 year, 3 months' notice, no pen.' 

9.73 6 mths, min. deposit 500, 900 
l mth. min. deposit £500 
925 3 yrs., £500 min, imm, wdL with 
penalty. Bonus a/c 8.75 £500 
min. imm. wdl with penalty 

9.75 4 yrs., S.75 28 days’ notice, or on 
demand. 28 days’ inL penalty 

8- 50-9.00 on share accs, depending 

on min. balance over 6 months 

8.75 High InL Share 9^5 3 yrs. 

8.75 3 yrs, 8£Q 2 yrs. 

925 1 month's noti^ 

900 2 y, 9.5 3 y, 10.0 4 y, 8.75 Bus. 

9- 90 5 yrs, 950 6 mtte, 900 1 mth. 

9.75 4 yrs, 9.75 6 mths, 925 3 mite. 
9-25 3 years, 8.75 1 month 

3.75 Money Care, no notice, no pen, 
plus free life cover 

855-9-00 (1 mth.}, 9.25 3 yrs. 

8.40-9.40 all with wdl option 
850-9.75 

950 3 yrs, 60 days' wtfL notice; 9.00 
imm. wdL 28 days* interest loss 

9-25 90 days (InL loss), S.75 tamed 
access (inL loss) or 28 dys.’ hot " 
S-2S 5 yrs, 825 4 yrs, 8 75 3 yrs, 
8JS 2 yrs, 9.00 Golden key 28 
days’ penalty interest 


equipment BOC believes that 
tme of the big growth, markets 
in the U-S. is toe provision of 
oxygen equipment to the home. 

American doctors appear to 
be prescribing oxygen for ever- 
increasing numbers of ailments 
and toe Federal Government is 
offering better insurance cover 
for complaints requiring oxygen 
treatment A signafem^ factor 
is that hospitalisation in toe 
U.S. is costing more and mote- 

The City liked the prognosis. 
Although the placing punctured 
strong London equity 'buying 
for an hour or so on Tuesday, 
few institutions were able to 
swallow the shares in anything 
like sufficient doses. 

Biscuit bartering 

Nabisco Brands, the U.S.- 
based foods group, finally won 
its battle dozing the week to 
make a bid for biscuit manu- 
facturer Huntley & Palmer 
Foods when the Monopolies 
Commission gave its approval 
by a narrow three-to-two ver- 
dict 

The American' company, 
which makes Planters’ peanuts 
and Shredded Wheat in this 
country, immediately put its 
bead together with its London 
financial advisers to decide 
what price should now be 
offered. 

In theory, the price of past 
transactions within the last 12 
moqths dictates the terms. The 
U.S. group said last spring that 
it would offer the equivalent 
of 120p in shares and put in a 
115p per share cash alterna- 
tive. That commitment dis- 
appeared with the Monopolies 
Commission reference but 
Nabisco then went on to buy 
Rowntree Mackintosh’s near 24 
per cent holding in Huntley 
at 107p. 

Normally speaking, the Take- 
over Panel would hold Nabisco 
to a bid at that price, thus valu- 
ing the whole of Huntley at 
about £82 m. But there is a Panel 
dispensation which says that 
the terms may be pbaogwd, 
should both sides agree, if cir- 
cumstances have markedly 
changed. 

Have they? Huntley's profits 
have been declining in recent 
years in money terms, and many 
City . analysts believe that the 
audited results for the 36 weeks 
to September 12, which Huntley 
is due to publish next week, 
will show a loss. UK trading 
conditions have been very tough 
and the previously more buoy- 
ant overseas picture is being 
Clouded by a ' long Camartfan 
strike. 


The Monopolies Commission 
discovered that Huntley’s pro- 
duction costs were at least 7 
per: cent higher than those of 
its major rival, United Biscuits, 
which already holds a bigger 
-slice of the biscuit market. 
Forced by UB to compete on 
price ini the face of powerful 
brand superiority, Huntley’s 
operating margins have been 
seriously squeezed. 

Left to its own devices it 
reckons that Ideally it 
would have to spend £65m in 
the next few years to get its 
plants on to an equal production 
footing but Its gearing is already 
weighty and it must obtain a 
high level of retained earnings 
to finance this investment 
Heavy rationalisation, already 
in band, would provide the 
answer, Huntley hoped, and 
Nabisco, too, accepts the inevit- 
ability of big manpower cuts 
alongside major capital spend- 
ing. 

So, faced with such a post- 
acquisition commitment can 
Nabisco argue that circumstan- 
ces hare changed or are dung- 
ing sufficiently to alter the 
price? After the rise in dollar 
parities this year, it could, of 
course, issue rather less shares 
than originally supposed and 
still take Huntley but at.lOTp. 
It has also recently raised a 
lot of cash by selling a drugs 
business to Beecbam and most 
of its drinks interests to Whit- 
bread. 

But the negotiations go on. 
Those 36 week results may tell 
us how Nabisco and Huntley 
will settle the Issue. 

BHS resilience 

Up from a depressed profit, 
of £7.9m in toe first half of 1981 
British Home Stores’ 38 per 
cart leap to £lQJ9m for the six 
months to September 1982 was 
greeted with no more than 
murmurs pi “ satisfactory *' and 


Three underlying trends can 
be pinpointed ' behind ' toe 
recovery. The contribution from 
the Savacentre associate was 
sharply up, BHS was puRing in 
investment income rather than 
paying toe bank during toe first 
half aid, finally, trading profits 
rose 13 per cent thanks to some 
pressure coming off gross 
margins. 

The seasonal element in toe 
second half combined with the 
general evidence of an upturn 
in retail trading should have 
BHS making £48m or so for the 
twelve months' to March *88 
against under £43m last year. 

Yet while BHS has exhibited 
a resilience to the recession, toe 
group has the image of one that 
has lost direction. Food volume 
in existing stores fell 3 per cent 
in the first half while non-food 
was, at best, probably flat 

Hawker strong 

Hawker Siddeley is one of the 
few British companies that has 
been proving that engineering 
is. not always a disaster area in 
the preseht recession. Earnings 
in its UK-based activities, such 
as power generation and trans- 
mission equipment, improved in 
the first, half of 1982 compared 
with- 12 months earlier. 

But a . downturn in North 
America, particularly Canada, 
which is Involved with equip- 
ment for the forestry industry 
and freight cars, undermined 
toe advance at' home to leave 
total midyear pre-tax profit 5 
per cent lower at £544m. The 
net interim dividend was held 
at3.7p.. 

For toe second six months toe 
group -is forecasting something 
similar to .toe first, indicating a 
little less than the £12lm pre- 
tax recorded last time. But toe 
balance-sheet sfi very strong and 
cash generation has pulled in- 
terest costs sharply back. 


Newcomers show promise 


MINING 

GBORGE MILLING STANLEY 


ANOTHER QUARTERLY re- 
porting season from toe South 
African gold mining industry 
was completed this week. As 
usual, toe results are a pretty 
mixed bag, with wide differ- 
ences between the performances 
of the individual mines, but on 
the whole the mines have done 
extremely weH. 

This is evidenced by toe 
levels of dividend payments' 
from the Orange Free State 
mines in the Anglo American 
Corporation group, which were 
generally above the share mar- 
ket’s best expectations. 

Western Holdings’ final of 
270 cents (137p) was probably 
the payment which exceeded 
expectations by the widest mar- 
sin, but the other final divi- 
dends, 225 cents from President 
Brand, 205 cents from Presi- 
dent Steyn, 150 cents from Free 
State Geduld and 71 cents from 
Welkom were all well received. 
The interim of 27.5 cents from 
Ergo, the dump re treatment 
operation, will also please 
shareholders. 

In general, toe mines bene- 
fited from toe substantially 
higher gold price prevailing 
oyer the past three months in 
comparison with the . June 
quarter. In addition, they 


retained toe advantage of toe 
continued depreciation of the 
South African rand, the cur- 
rency in which they are paid 
for their gold by toe country’s 
Reserve Bank, against toe UB. 
dollar. 

Several other factors helped 
to boost toe overall level of 
profits, some of them the result 
of the mines’ respooes to the 
fall in the gold price from the 
dizty heights of $850 per troy 
ounce in January, 2980. 

Notable among these were 
the continued increase in wini 
throughput and toe steady rise 
in ore grades, both of which 
led in many cases to sharply 
higher output 

This, coupled with, the excel- 
lent performance in con- 
trolling the inexorable rise in 
working costs. led to much im- 
proved operating profits. ' 

At this level, another aspect 
of the response to the lower 
gold price over the past couple 
of years came jjato play, 
although this had an adverse 
effect 

Many of the mines cut their 
capital expenditure programmes 
drastically this year, but the 
coincidence of this with hi gher 
profits led to a sharp rise in 
the tax liability. 

Even so, increases in net pro- 
fits of the order of 40 per cent 
and more were not uncommon, 
and a few of the mmes pro- 
duced some truly outstanding 
results, as the table shows. 


GOLD MINE NET PROFITS 


September Jane March December 
quarter quarter quarter quarter 
_ 14 _ __ BOOOs JELOMs B000S ROMs 

B1yvoorultdcIrt§ ...... 19,912 14*233 15,824 17,453 

Bracken 2467 1416 L222 2278 

Buffelsfonteing 24*383 23,880 12,799 27,304 

DeeQcraal 8401 3*88 2484 4481 

Doorafontein 11,482 . 12,450 1L156 19995 

Urlefonteiu 8^280 122,798. 76485 8L808 

Durban Deep 14,717 13434 2466 8446 

Ergo 2S s 316 12,820 13454 124*7 

East Bud Ply 16.140 t3447 *6,791 -5-8,807 

East Transvaal .... 2487 2,915 1463 2,255 

Elandsnmd 19342 5,574 *429 2665 

FS Geduld§ 43491 23,904 38489 36432 

Grootvld 6*749 4413 4,043 6.943 

Harnumy§ 22890 . 27,320 21,723 24402 

H?rt*taesi§ 33,082 3L202 11498 28,057 

Kinross 15498 8,513 6,927 8,460 

Hoof 34480 284)74 28438 32468' 

Mie 3415 1460 1422 1497 

Ubanon 14,005 10,573 1L490 - 12480 

*934 18469 13,012 *242$ 

Marievale 556 321 157 718 

President Brendg ...... 34*894 22423 27,486 27470 

President Steyn§ ...... 28432 21481 19,661 30,041 

RandfOntein 40,204 28,724 29410 60457 

St Helena 29431 22459 ' 23418 1135445 

South African Land ... 1420 1*383 1,457 1490 

Stflfonteln 9478 9,770- 6433 14431 

Unisel 9470 6491 6424 11433 

Vaal Reefs 71,771 . 69444 $4,795 . 93496 

Venterepost 3405 f2478 f3470 13479 

Village Main ...i„ 155 *170 *42 255 

Vtefcfontdn 695 404 ' 487 465 

Wert Band ConsolldW. 73458 *7197 TtL«6 12425 ' 

Western Areas '8,720 861 *2490 .13,037 

Western Deep ; 61485 * 46,032 ’ 39422 61,416 - 

Western -Holdings? ... 53403 28480- 37415 37425 

WlnkeQnak 13,726 10498 9449 11440 

* Loss, t After receipt of State aid. t After repayment of State 
aid. S March, quarter tax charge contains retrospective payments 
for the respective current financial yeans relating to the increase in 
gold mice tax announced in the .recent South African budget 
f Indudes Beisa. 


6,749 4413 

22490 - 27420 


* Rates normally variable in line with changes In ordinary share rates. 

All these rates are after task rate tax liability has been settled on behalf of the investor. 


21481 

28,724 

22459 

1483 

9,770- 

6491 

69444 

12478 

*170 

404 

•1197 

861 


1422 1,797 

11490 12480 

13,012 12426 

157 - 715 

27486 27470 

19,681 30,041 

29410 50457 

23418 1135445 

1,457 1490 

6433 14431 

6434 U433 

$4,795 . 93496 
13470 13479 

' *42 255 

487 465 

*11,436 ' 12425 ' 

.*2490 .13,037 

39422 civile - 

37415 37425 

9449 11440 


Bhang gold prices usually 
have a proportionally greater 
impact on. the finandal per 
formance of the lower-grade 
mines, and that has certainly 
been the case in the September 
quarter. 

The General Mining .Union 
: Corporation’s veteran West 
Band Consolidated, which' oper- 
ates on a grade of less than 
2 grammes of gold per tonne 
of ore, or under two parts per 
million, succeeded in turning 
the loss In toe previous quar- 
ter' into a profit this time 
.around. 

Nevertheless, the mine Is still 
in the state aid scheme, and in 
fact toe amount received by 
way of government assistance 
was greater than the net profit 
figure. This bodes ill for West 
Rand Consolidated’s future, as 
the mine has been told that it 
will sot quality for assistance 
from toe beginning of next year. 

Unless there is enough of a 
jump in uranium prices to make 
& -resumption of production 
feasible, or a large and sus- 
tained rise in the gold -price, 
closure cannot now be far away. 

The future looks much mere 
promising for two of toe newest 
mines in South Africa, the Con- 
solidated'. Gold Fields group’s 
Deelkraal, and Handstand in 
the Anglo camp; ' 

As ' neither -these opera- 
tions pays tax as yet, both de- 
rived the maximum benefit from 
the combination of a higher 
price, greater mill throughput 
and rising ore grades. . 

The . last factor is especially 
encouraging; indicating that 
both mines, are at 'last, getting 
into the areas of higher grade 
ore which were promised, at 
greater' depths. „ 

Xt would be a pity to let toe 
season pass without mentioning 
some pointers to the mines’ 
perceptions of toe outlook.. . 

South African Land ami 
Exploration (“Sallies”) in toe 
Anglo group is to take another 
look at its plan tp dewater the 
Van Dyk ■ No, 5 shaft on its 
lease . area. This plan wad 
shelved a while ago in the face 
of the declining grid price. 

Of potentially far greater' 
significance is the fact that 
Weston Holdings, another 
Anglo group mine, has made a 
definite decision to go ahead 
with toe shsHng’ of toe No. 1 
main shaft on -the Erf d eel area. 

This decision was delayed in 
April, but Western Holdings 
feels that there are now 
“ reasonable -expectations that 
the gold, price has moved -to a 
higher base.” . 


W. GERMANY 

STEWART FL&fiNG 


MANY of toe world's leading 
stock markets have been-; bask- 
ing In the jolly atmosphere 
created ‘by the fireworks which 
have been exploding on .. Watt 
Street bat not toe Frankfort 
bourse. . - 

Measured by toe Commerz- 
bank index which dosed at 
7134 yesterday, German share 
prices axe still tolly 30 
per cent below the all time high 
of 1,030- And that red letter 
day was twenty two years ago 
oh September 5 1960. 

It la true that the past few 
weeks have seen ah encourag- 
ing rise in share values since 
the low for this year of G504D 
registered on August 17. Then 
the shadow of the possible 
bankruptcy of Germany’s 
second ■ largest electrical con- 
cern AEG -Tdef unken. toe- de- 
teriorating political end budget 
situation in Bonn, and the dark- 
ening economic outlook for 1983 
were simultaneously sapping 
investor confidence. 

But in spite .of this upward 
trend the current level of the 
Commerzbank index ; is under 
toe h&ks recorded in both 1980 
and 1981, years when the gen- 
eral economic outlook in the 
Federal Republic was at least 
as bad, arguably worse, than it 
is today. . 

Tiie perform Mice of the 
German market in recent weeks, 
thus provides an interesting 
lesson in the dominant role 
which political expectations can 
pday in influencing investor 
behaviour. 

If you take Into account only 
toe purity economic factors at 


vincing explanation for the 
sluggish behaviour of the Ger- 
man indices. In Germany as in 
the United States toe economy 
is still locked, in recession, a 
recession which is expected in 
Germany to last well through 
next year. In both countries 
inflationary pressures have been 
easing -and Gezman interest 
rates, reacting tn the decline in 
rates on Wall Street have been 
falling- sharply . since ' late 
August This week the Bundes- 
bank, the German Central Bank 
cut Its leading interest rates by 
a full percentage point, and the 
Lombard rate is now, at 7 per 
cent, 2 percentage points below 
the level which prevailed in 
mid-August and 5 points down 


from .the crisis level of 12 |p>,. 
cent which prevailed .torou^^ . 
most of 198L 

Loss-term, capital mza&t - 
interest rates are at 8 per cm#;. 

3} points down from last yOftzV . - 
highs and back, to levels -Mah - 
seen in -January, 1980, The Isfl 
is corporate profit? too 'fifty '- 
have bottomed' out aasta^Bg 
that we are ' not on ..toe verge'.' 
of a renewed slump into -aa „ 
even deeper recession. 

These positive Irends-axid tfe- . 
fact that toe complete cotta&t { 
of AEG seems to .have- 
avoided are among toe factor* 
Which account tor the reedttety- 
of ' share prices since August , 
The one important influence 
which is misstog from tois 
catalogue is the political dfartea- ' 


sion. -Many dose; observ e rs of 
the Frankfurt market wiB teU 
you that at present, it ttVthe' 
decisive one.. _ . 

In September, as the. strife., 
tern Social Democrat-Liberal j 
coalition flnaliy collapsed. share 1 
prices surged in preparation for . 
the shift in irawer In Bmsi ta - 
a Government, which is deter- 
mined to nurse the edrporatei 
. sector back to full profitability. 

Those bright bopex while 
they have not been shattered— 
Dr Hehnut- Kohl’s Government - 
has indeed taken powep+tave A 
been dulled by the question - 
■monies surrouridlng ptais to hoW 
a general eieOtioti On Ma*ch . 6 
next year. - The spectre ^of a 
“ hung ParB ament ” is haunting . 
in vest o rs. There is In Germany ! 
a real fear toat assuming the i 
elections take place -the Free > 
Dmocrat party, which ha*: 
tettarto bdi. toe balance of 
power in toe Bundestag, may 
not be able to command toe 5 ' 
per cent .'of the. votes heeded { 
to secure repocereataticm. ia * 
Bonn. If that were tn luppeu. 


Greens ” and, if events In Ham- 
burg are any guide that could, 
mean that urine of ,fihe major' - 
parties could Com coali- 
tion commanding a toaj&tity. ? 

Tims, whereas in the^UB^ lbe .. 
UK and HoBkid, -the qrono ua r 
uncertrinties have nut .beta a 
tamer to a steck-ta Mket taon w- : 
in Gennanytoe anditonul btev/ 
den of political uncertainty yhas . 
embed investior emfitatiasaL Of - 
course iadividiial ---toares, - 
Siemens' and Dadmter Bern for 
exauqde, and some sectors, hare . 
done better than Ita average;-. 
But that. is slight contone ' 
toare priicasia Loodon.' New 
York have broken . torongh ■ 
finally to new afi . tir - 


CHARTS 
DON’T LIE 


How many petgile make money in the 
stock. market? Very few. Why? 

Because most of the information they 
get is regularly wrong. Charts don’t 
He — they tell you bow many buyers 
and setters there really 
axe. and they point 
the way a price will 
go, before ft goes ... 
there. 

Published monthly 
the AMATEUR 
CHARTIST is for 
the ordinary private 
investor. ,• 

Don’t be put off by technicalities, a little u odws ta nffing 
of charts could both save and make you a lot of money. 
Send for free detail s: 



SHARES 

Venture Opinion I* one of the country's leading 
Investment advisory services. Send today. for full 
details of our .“No abllgation, free . trial offer.' ' 

l Unity Street, Bristol 1 - 


UNIT TRUST 
OFFERS 


Save & Prosper Group 


TyndaHMaaagers Limited 
Mercury Fund Managers limited 
M a n u l ife lusaranceGronp 



day's Rates 10%-10l% 











Times-. Saturday, October 23 1982. 


* dithe^ 


APTS 


«_ ?”?- 7 tT 

H k 


•*•• r - i y y 
\ ; / 
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, * ? ?: ^ 
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rtf? 




YOUR SAYINGS AND INVESTMENTS— 1 




Rosemary Burr reports on the new battle over plastic money 


Responsibility for rewiring 


DIAMONDS MAY be a girl's 
beat friend but bankers appear 
to favour plastic. The High 
Street banks - are; vying with 
each other m an attempt to 
offer customers more attractive 
pieces of plastic in the- foam of 
gold cards. - 

— ■ The stakes are. high, because 
only the weB-hee&ed customers 
— ukrafly tbOKe with an annual 
income in excess off £20,000 — 
are considered suitable holders - 
of gold cards. This .means that 
banks such as Lloyds and 
Mhfland wtdcii tissue gold cards 
have been able to use' them as 
. at tool to attract top quality 
personal customers, . - 

This week Barclays threw its 
hat into the - ring with the 
launch of a Premier- card. This 
wil be available to Barclays' 
customers - from Monday 
October 25 and at a later date 
non-Barclays customers may be 

approached. 

Barclays claims its premium 
card offers " the best service in 
. *foe go4d card market 11 and the 
Sat of' facilitiies covers fora 
jpageSL In teams of a guaranteed 
overdraft, Premier matches the 
facilities given by Lloyds, 
Midland and Royal Batik of 
Scotland Group, namely op to 
£7,500 at 2j per cent over base, 
rate. 

As well as being a charge 
card. Premier is a -cheque 
guarantee card — unlike its- rival 
pieces of gold piastre. One of 
the most useful features of 
Premier card is that holders 


can cash Barclays cheques of 
up to £250 per day at any of 
the bank's 4,725 branches. In 
contrast Barclay card holders 
can cash up to £100 per day and 
customers with the other 
clearers only £50 a day. 

In terms of cost Premier card 
is cheaper than Lloyds' or Royal 
Bank of Scotland Group's cards, 
but more expensive than 
Midland's. There is a £10 join- 
ing fee which is -waived during 
"the ■fttreemontfe period after the 
launch. In addition, there m the 
standard £40 annual . fee. 
Customers who agree to the 
annual fee being debited 
directly from their account wffl. 
be charged only £35. 

Mr Ron Darwes, Barclays’ 
marketing manager, : says he 
hopes there will be between 

30.000 and 40,000 Premier card 
holders by the end of *1983. 
Lloyds has already Issued ova 

40.000 gold cards and says some 
40 per cent of applicants are 
non-Lloyds Bank customers. 

Midland has issued 20,000 
cards and ds doing a direct mail- 
shot to 90,000 n on-Midland 
Bank customers including the 
cha&nmen and directors of lead- 
ing industrial companies. 

Mr Dawes admits Barclays 
“has been concerned that over 
the last year a number of higher 
income earning customers have 
been issued with gold cards by 
our competitors.'’ He says this 
makes it - easier for such 
customers to defect altogether, 
although so far few have done 



I refer to your reply of -•. - 

September 18 under Landlord’s 
responsibilities for electrical 
work. You state that if. the lease 
Is under seven years, then the 
landlord Is responsible. We 
have an old property in need of 
constant repair with controlled 
tenants— they are there for 
life. Can X assume from your 
reply that they, the tenants, are 
responsible for Che rewiring? 
Only If the :las* contractual 
tenancy was before October 24 
1961 or, beiig later, was for 
seven years .dtr more would you 
not be obliged to effect this 
repair. Even then, the tenant Is 
not obKgeato do it (unless the 
last dbntraotual tenancy 
expressly imposed an obligation 
on Mm©', r If the house is in 
multiple occupation the obliga- 
tion ©i effect this repair can be 
imposed on you in any event. 


FINANCE AND 
THE FAMILY 


BY OUR LEGAL STAFF 




Currency 
profit gains 


Anyone hoWtog a gold card 
from another bank will t be 
ao.ro matecadly excluded from 
being issued wStih a Premier 
cand. Rach 'case wffl he assessed 
on its merit and individuals 
applying for Premier cards wiM 
be asked whether they hold 
another bank card and what if 
any is the size of their overdraft 
at tiie other bank. 


National Westminster is not 
conmutfiLog itself on the subject 
of gold card s saying merely mat 
it is “ considering the optiops.'* 
The Trustee Savings Bank is 
investigating the gold /card 
market but is aware tibatJs few 
of its earisting atstoraera^would 
qualify it would have t§> outdo 
the fiacLirties offered - by (the 
other banks in order, /to make 
the move worthwhile./ 

. . t 

... - P 


An £18m gift from house buyers 


HOUSE BUYERS are generous 
people. This year they will give 
away £18m or more. Most will 
do it without a thought. None 
will receive even the slightest 
word of thanks. Regrettably 
the money- wiR not go to a 
needy charity. 

The recipients of this not 
insignificant gift "will, in the 
main, be the legal profession. 
Acting as stakeholders during 
the completion of a house sale, 
they quietly accept a sum uf 
money that would have satis- 
fied the Government’s borrow- 
ing requirement for the- first 
half of 1981. 

Admittedly they wiH only 
hold this bonanza, on -average, 
for four weeks but the sum 
involved is so great that its 
Interest earning capacity is far 
from trivial. 

But there in no need to- 
worry. It is all legal and above 
board. The Law Society- and 
leading counsel say so. Accord- 
ing. to the society's guide- to 
professional conduct, money 
held by a solicitor as a stake- 
holder is the client’s ’ money 
and must he paid into the 
cheat's account. But ' that 
money does sot belong “ to any 
specific client ” until the decid- 
ing event,- such as completion 
of a house sale, occurs. 

Therefore foe solicitor is 
entitled to the use of the 
money and may pocket any 
interest it earns while it has 
no specific owner! 

Of course, the stakeholder 
need not be a solicitor. It 
merely has to be someone.. .that 
both parties to a sale can trust. 
It could be the estate agent or 
it might even be the vendor. 
But the latter course is un- 



desirable as any upset to the 
procedure of the sale could 
lead to a tussle over the money 
that could make enemies of 
even the best of friends. 

At the end of the day most 
people sensibly opt for the one 
person they know they can 
trust: their family solicitor. 
They know they can trust him 
to act with all the haste the 
legal profession can muster to 
push the house sale through, 
with only the odd 20 or so 
anxious phone calls needed to 
keep his office at full speed, 
towards completion. They can 
also trust him to produce a bill 
at the end of the day that make 
even photocopies look like col- 
lectors items. 

Amid all the fluster, aggrava- 


tions upsets and costs of buying 
and selling houses few people 
are inclined to argue over what 
happened to their deposit 
monies. Besides we are only 
talking about some £15 interest 
lost on the deposit of the 
average house. 

It is certainly not a clients' 
place to suggest that maybe the 
deposit held on behalf of his 
purchaser could ,in some way 
be used to offset the money he 
has to find for the deposit on 
his own purchase. 

Instead you may have to 
borrow all the deposit from the 
hank who will. kindly lend it to 
you for £40, or thereabouts. 

These may . look like small 
sums, but foe sums leaking away 
in this manner begin to take on 


impressive proportions when 
considered in foe national con- 
text. . 

The housing stock in this, 
country is around 21.2m of 
which llJBm, or some 56.4 per 
cent on 1981 figures, are owner 
occupied. The average mort- 
gage is held “for seven years but 
not all. houses are mortgaged 
which brings the average time 
between baying and selling a 
house to about ten years.. 

Ibis means that some 1.2m 
dwelling change hands every 
year. According to the Build- 
ing Societies Association the 
average price of a house in 
August reached £25.336. 

' On this basis foe total annual 
market is over £30 bn putting 
-foe deposit money a little over 
£3bn. If the solicitors felt a 
twinge of conscience, or were 
just naive where money- is con- 
cerned, then this'sum deposited^ 
in interest-free current accounts 
would give the banks an annual 
bonus of at least £29nMt present 
rates. The solicitors otherwise 
could earn themselves £18m a 
year at 7.25 per cent deposit 
rate. 

Clearly the legal position in 
regard to deposit monies and 
the risks, if safeguards are not 
arranged, makes foe situation 
difficult. But there must be room 
here for various charitable 
organisations to establish a 
system by which they could 
benefit from this enormous sum 
of money that goes into far 
from-deprived pockets each 
year. 


’ Some time ago yon published 
a question and answer on 
liability to Capital Gains on 
currency profits: the point was 
that only bank account deposits 
were liable. Would you please 
advise me regarding the 
following? X purchased 
American Bonds with dollars 
from a deposit account. These 
bonds now show a dollar loss 
but a profit on foe sterling cash 
value. If the proceeds of sale 
are taken in dollars can the 
dollars loss be claimed as a 
capital loss? 

No: the chargeable gain On the 
bonds is calculated by compar- 
ing the sterling equivalent of 
the cost with the sterling 
equivalent of the proceeds 
fusing the exchange rates at the. 
respective contract dates). 

We take it that . you are 
domiciled in England and Wales. 
If so, the gain on the bonds will 
be chargeable to CGT for the 
year of sale. The gain (or loss) 
on each withdrawal from foe 
bank account will be chargeable 
(or allowable), for the year of 
withdrawal, even if you are 
domiciled in a territory outside 
the UK 


leave my bank deposit in my 
Swiss Bank the interest earned 
on it wDl be treated as Capital 
Gains once X am resident in the 
UK and not as unearned 
income? If such is the case 
would you kindly let me have 
the reference to the 
appropriate Inland Revenue? 
Every withdrawal from a 
foreign-currency bank account 
(after you become resident in 
the UK) will grve rise to a 
chargeable gain or allowable 
loss, broadly speaking, under 
section 135 of the Capital Gains 
Tax Act 1979. 

For 1983-4, about 5/6ths of 
your Swiss bank interest (of 
either 1983-84 or .1982-33, 
depending upon the precise 
facts) will be charged to in- 
come tax, as investment Income. 

You should look at conces- 
sions All and D2 in booklet 
IR1. For general guidance, you 
should look in booklet IR20 
(Residents and non-residents: 
liability to tax in the UK) 


if my parents were to continue 
to live with me in the new 
house to he purchased by me ? 
On the bare facts outlined, you 
will be chargeable to CGT on 
.the sale of the house (subject 
to indexation relief, based on 
’the March 1982 RPI (313.4), and 
to the annual exemption for 
1983-84. likely to be over 
£5.000); unless the sale contract 
is made before April 6 1983. 
However, if the contract is made 
between April 5 1983 and the 
day from which you are 
regarded as being resident in 
the UK again (exclusive), you 
may ' be relieved of CGT by 
extra-statutory concession D2. 
The answer to your final 
question is no. Your parents 
may like to send you copies of 
the free booklets IR1 and IR20, 
which should be obtainable from 
their local tax office. 


arrangements with the owner 
of the pony In writing? 

You may well have created a 
tenancy, but so long as the 
tenancy is for grazing only and 
if it is for a period of less than 
a year (e.g. 364 days) the 
tenancy does not attract the 
protection of the Agricultural 
Holdings Act. You should re- 
cord the terms of the tenancy 
in writing: 


Assurance 


and clawback 


Variation in 


maintenance 


Tax and 


dual residency 


Non-residents 
and tax 


I wish to refer to the reply 
under “ Non Residents Tax 
Exemption ” of September 18th. 
From your answer to Question 
3 second paragraph, am I right 
to assume that when X return 
to the UK to take up residence 
here in June 1983, that if I 


In your reply headed “ Tax 
and Dual Residency " 
September 11th, you discussed 
the Capital Gains Tax 
implications on a non-resident 
of the UK on selling a house 
in the UK which has been 
previously rented. 

I left the UK in March 1964. 

In November 1973 1 bought a 
house in the UK. The house 
has been occupied by my 
parents since I purchased it and 
I have never charged them any 
rent although they have paid 
the rates. All repairs have 
been paid for by me. 

I shall lie returning to the 
UK for good In September 
1983 and on return, intend 
to sell the bouse and to buy 
another one near foe place of 
my work. My parents do not 
intend to live with me after my 
return either in my present - 
house or foe next house 1 buy. 
As this is the one and only 
property I own and as my 
parents also do not own any 
property in foe UK, will I be 
liable to Capital Gains Tax 
on foe sale of this house ? 
Would the position be different 


By Court Order a capital 
settlement was made to by 
divorced former wife and 
she receives monthly alimony. 
At the end of 1983 I retire and 
my income will be more than 
halved; I shall he applying 
for a substantial reduction 
in the alimony payment. 

Can the Court order (a) 
further capital to be 
paid? (b) take into account 
when assessing alimony 
the fact that what capital 
remains to me is in low 
yielding growth slocks and 
could be re-invested in higher 
yielding sources to enable 
a higher level of payment 
to my ex-wife? 


Would you please let me know 
If the M daw-back ” provision 
in respect of tax relief on 
insurance polices surrendered 
within foe first four years 
apply on a policy surrendered 
when the policy holder leaves 
the UK and becomes a non- 
resident (and in fact. 

Ineligible for subsequent tax 
relief?) 

Yes; the life-assurance-relief 
clawback rules (in sections 7 
and 9 of the Finance Act 1975) 
do not take account of the 
reason for early surrender. 


Tax and 


return to UK 


(a) No. An order for a lump 
sum payment cannot be varied. 

(b) Yes. A variation in main- 
tenance payments will take in- 
to account all the relevant fac- 
tors at the date when the order 
for variation is made. 


I now live in Saudi Arabia 
hut am returning to live in the 
UK next April. Will UK tax be 
payable on interest on the I5J 
per cent Treasury stocks 1996, 
which goes XD during the latter 
part of March, but wUl not be 
paid into my account until 
May 1983. 

As soon as you again become 
ordinarily resident in the UK, 
you will become liable to tax on 
payments of interest on the 151 
Treasury 1996; it is the date of 
payment which determines the 
tax liability, not the period over 
which the interest accrued. 


Agricultural 


A covenanted 


tenancy 


annuity 


X have a small field and recently 
gave verbal permission for a 
-pony to he grazed In the field. 

It was quite clear that no 
charge was to-be made-for foe 
grazing but Jsald I would 
probably look for reimburse- 
: ment of the Water Rates. The 
field has a meter and the 
standing charge is at present 
£20 per annum (£5 a quarter) 
from foe water company. 

Am Y In any danger of creat- 
ing a tenancy and would it be 
advisable to confirm the 


With reference to our reply 
under A Covenanted Annuity 
(October 2) - supplementary 
benefit received by a student 
qua unemployed person is now 
taxable and counts as income 
for covenant purposes. In this 
respect, therefore, our reply 
was incorrect 


No legal responsibility can b 
accepted by the Financial Times fe 
the answers given In these column I 
AH inquiries will be answered b 
post as toon os possible. 


The Mercury approach to unit trusts: 


Christopher 
Cameron- Jones 








Invest in 

gilt-edged 

success. 


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finds 


the way 



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Fixed price offer closes on or before 3rd November 1982 


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Even so, its important that this . 
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N. M. ROTHSCHILD and Sons 
has at last found a means of 
allowing investors to hold Yen 
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national Reserves (OCIR). 

This fund, launched two years 
ago, was the first to provide a 
managed deposit service in 
foreign currencies and total de- 
posits now exceed U.S.$300jn. 
But until now, there has been 
no Yen class of shares, the 
Japanese Ministry of Finance 
refusing to give permission. 

Rothschilds has managed to 
devise a scheme which satisfies 
the Japanese authorities. In- 
vestors can hold these new Yen 
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payment must be in another cur- 
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Rothschild is offering to ex- 
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These bearer shares are in- 
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Rothschilds do not intend at pre- 
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E.S. 


for long-term performance 


Or telephone 
Bristol (0272)73224L 


■ 

| Name 


To Tyndall Managers Limited. 

18 Canyngc Rond, Brisi«fBS99 7UA. 
Please koJ me (uiidetrib and applkatimfaanJxtlio 

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BUILDING 

SOCIETY RATES 

Every Saturday the 
Financial Times 
publishes a table 
giving details of 

Building Society Rates 
on offer 
to the public 
For further advertising 
details please ring: 

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A s part of a group responsible for 
l over £3,500 million of funds in- 
vested around, the "world. Mercury Fund. 
Managers can. draw on extensive experi- 
ence and skills when making investment 
decisions. 

As you might expect, we’ve developed 
a number of clear beliefs about the re- 
quirem ents for in vestraentsuccess. 

We believe, for example, that many 
investors are far less proficient at analys- 
ing the relative strengths and weaknesses 
of differentmarkets and industrial sectors 
than at analysing and valuing individual 
shares. 

So, while we consider that the choice 
of individual shares is of crucial import- 
ance in the successful management of 
funds, we make this selection against the 
background of our own analyses of . 
markets and sectors - undertaken on a. 
worldwide basis by our fund management 
teams themselves. 


We believe that this planned but 
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- cess and we’re happy to say that some of 
the leading institutions in the UK appear 

- to share that' belief and have made us 
responsible for the investment of their 
funds. 

If you feel lhatyou could also benefit 
from this professional approach, you 
should consider the Mercury range of 
unit trusts: 

Mercury’ General Fund 
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For full details of these funds, and our 
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Financial Times Saturday October 23 _ 


Managing Money 
is a simple 
matter of 


intelligence 


You're a professional manager of other people's money or an 
Bdviser on it. You’re bright, trained, intelligent and you nave a 
wealth of practical experience behind you. You naturally bring 
all these resources to bear on every problem you face. 

That's just one kind of intelligence. Then there's the other kind. 
The informational and background intelligence on the state of 

your industry and its prospects. The up-to-date appraisals and 
hard facts on which sensible decisions must always be based. 

That's where Money Management comes in. 

Money Management is the professional journal for your 
business needs. Every issue carries features and surveys on 
personal finance investments— including unit trusts, life assur- 
ance and pensions, as well as coverage of mortgages and 
taxation. There are regular reviews and articles on subjects , 
ranging from gilt unit trusts to self-employed pensions. The 
unique statistical section will provide you with pages of solid, 
up-to-date statistics and tables on unit trusts, insurance bond 

funds and offshore funds. 

Money Management is widely acknowledged to be Britain's 
leading magazine on personal finance. So struggling along 
without it really is a little like trying to fight a battle without 
authoritative intelligence on your enemy^ strength, disposi- 
tions, intentions ana resources. 

Of course Money Management will not win alf your battles for 
you — but it will make losing a great deal harder and a lot less 
Torgiveable. 

ff you do not already subscribe to Money Management, we 
suggest you take out a subscription today, using the coupon 
below. 

To: Money Management, Marketing Dept, Freepost {A}, London ECtB 
4GJ. (No stamp needed.) 1 

I would liksloDkeoul a year's subscription la Money MamganMnt end Ute up the 
special offer of two free issues _. fourteen for (he pnce of twelve, and I understand I 
that any money wifi be refunded in fuff if I am not sattsfTad with the magazine after I 
receiving the first two issues. , 


YOUR SAVINGS AND INVESTMENTS— 2 


Eric Short reports on a legal battle over sex discrimination and insurance 

Women’s rights and loaded health premiums 

LEGAL battle over womens’ profession indicated at least a 


'TV 


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A LEGAL battle over womens’ 
rights in the insurance field is 
about to start with Ms* Jennifer 
Pinder sueing the Friends* 
Provident Life Office for sex 
discrimination in the premium 
loading’ made for women on its 
Permanent Health insurance 
(PHI) contracts. The prelimi- 
nary bearing is scheduled for 
November 15. 

Financial comentators have 
long urged people, especially, 
the self-employed, to recognise 
the need to insure against ill- 
ness or disability os well as 
against death. 

A PHI contract provides 
Income payments during a 
period of disability which pre- 
vents the person following his 
or her normal occupation. Pay- 
ments start after a given period 
from the onset of the illness or 
accident end continue until 
recovery, death or attainment of 
the normal retiring age. 

More women are following 
this advice but express concern 
when they find they have to pay 
higher premiums than men for 
the same benefits. 

Jennifer Pinder, a dentist 
working in a practice in the 
City, first took out PHI with 
the Friends Provident in 1977 
under a sickness scheme de- 
signed .for dentists. The basic 
scheme from the Dentists Pro- 
vident Society provides sickness 
benefits charging the same con- 
tribution for men and women. 
But under the to-up scheme 
from Friends* Provident, women 
are charged a 50 per cent load- 
ing on their premium. • 

It -is the usual practice for 
life companies to charge . a 
higher premium for women on 
PHI and Friends Provident 
dearly states the loading in its 
literature. 

But Jennifer Pinder, like 
many women, complained about 
this loading and was not pre- 
pared to accept the explanation ■ 
that premiums are higher be- 
cause women are more prone to 
sickness. Her medical know- 
ledge and experience within her 


profession indicated at least a 
neutral position. 

Her feelings about discrimin- 
ation were reinforced when d le 
received details last month of a 
new comprehensive protection 
plan for dentists which insures 
them against m eet in g the con- 
tinued overheads of their 
practice while off side. TTie 
scheme from Dental Insurance 
Services and underwritten by 
the Insurance Company of 
North America charges the 
same premium for men • and 
women. 

But Ms Pinder did not know 
how to pursue her grievance 
until she heard earlier this year 
of two successful compJamts 
brought by women — with the 
backing of the Equal Oppor- 
tunities Commission — against 
insurance companies. She con- 
tacted the EOC and got its 
backing, so it will not be a 
David fighting a company 
Goliath. 

Indeed, it would appear that 
the EOC has been waiting for 
a complaint like this in order 
to settle once and for ail 
whether it is permissible for 
insurance underwriters to take 
the sex of the policyholder into 
consideration when setting 
premium rates and assessing 
underwriting risks. 

When the 1975 Sex Discrim- 
ination Act was being passed, 
the insurance industry, led by 
the Life Offices Association, 
canvassed hard for insurance 
companies to be allowed to use 
their commercial judgment in 
assessing insurance risks. " Life 
companies advised by their 
actuaries have paid •• lower’ 
annuity rates to women, but 
charged lower premiums for. 
life assurance, because, life 
tables show that women live 
longer than men. ■ 

The result was Section 45- 
which says it is not an offence 
against the Act to discriminate 
in respect of an annuity, life 
assurance policy, accident insur- 
ance policy or a similar matter 
involving the reasonable 
assessment of risk where the 



Frank Martin - 


Rogar Taylor 


. . . . ’ G/un Copoa- 

Jennifer Pfoder—EOC eupport , . li . x .. . 


treatment is effected by. refer- 
ence to actuarial or other data 
from a reliable source. 

The EOC is campaigning, for 
this section of the Act to be 
deleted entirely and to make it 
an act of discrimination to take 
sex into account in underwrit- 
ing. ‘ . Bat while Section 45 
remains, it accepts that the 
data allows, life companies to 
.offer lower annuity rates to 
women. 

The argument of life com- 
panies is that all available 
information on sickness rates 
from UK life : companies from 
the National Insurance scheme 
and from U.5,-.; life companies 


(where the collection and col- 
lation of statistics is far more 
developed) shows that women 
have higher* sickness experience 
than men. 

Mr Frank Martin, an actuary 
■who is- manager of Friends' 
Provident PHI department, set 

out all these arguments jn a 

recent' issue ‘.of The Policy 
Solder magazine. 

The ’EOC ftlaiwiB tha t 
actuaries "do not have sufficient 
data on which to base such 


conclusions, simply . because 
until recently only a few women 
took but PHI. The only: data, 
from the life companies, so far 
published, related to around 
150,000 -men and. 7,000 women. 

But actuaries claim they can 
get a trend in claims experi- 
ence of differences between 
men and women long before the 
figures are produced. Those 
actuaries and underwriters 
closely Involved in PHI state 


1 ' < ‘ - >i 

categorically that tfie£ ire quite 
satisfied that tbe^ are charging j\ 
a : reasonable" premium, to j.~ 
women._ And given 'the mull £ 
numbers of women still taking J 
out PHI, it. ^..principles rather y 
than financial, burdens'. that an U 
at stake here.’ - n 

Indeed, the life assurance! •*, 
industry regard this complaint'- - 
by Jennifer Piader. ss a.test -i 
care and~a long -battle can be *■ 
expected. ^ 


Banks’ dilemma on mortgages 


THE INS AND OUTS 
OF INVESTING IN GOLD TODAY 


9 









■;<. ' * ' IV. V 




. i/-: • . 




•Mm 


THE COST of .home loans is 
coming down. The building 
societies are next month 
expected to announce a cut in 
their base mortgage rate of at 
least If percentage points. 
Further falls, in society rates 
are . expected next year. But 
will the clearing banks want to 
follow suit? 

The banks are already con- 
cerned at the impact which the 
drop in home loan . rates is 
having on the profitability of 
their mortgage business. Three 
of- the big four clearers have 
:said they will be restricting 
new mortgage lending. Only 
National Westminster appears 
to be still steaming full ahead 
in the mortgage market. 

- Midland Bank has already 
-established its home loan rate 
marginally above those charged ' 
by most building societies. 
Other banks will be concerned 
about their ability to match 
rate reductions made by build- 
ing societies if, as expected, 
home loan rates are to fall 
further. 

The crunch point may not 
come next month when the 
societies announce their next 
interest rate cut. There is still 
some flexibility- to reduce bank 
mortgage rates. But if interest 
rates fail further, then the 
banks may have to think about • 
different ways of structuring 
their home- loan business. 

One solution may beUo match 
.building society mortgage rate 
. reductions for existing bor- 


rowers but strike a higher rate 
for new borrowers. Alternatively 

the banks could reduce their 
rates ' but place such stringent 
conditions on any new. borrow- 
ing that new lending vronld.be 
-reduced to an absolute mini- 
mum. 

It all depends upon how keen 
the banks, are to maintain their 
position in the mortgage 
market. A 1$ percentage point 
fall in. bank home loan rates 
next month could leave their 
mortgage businesses operating 
at the margins of profitability. 
Building societies.' which are 
structured differently and do 
not hare the same level of over- 
heads. are not faced with same 
problems. 

The banks have been getting- 
insufficient funds from interest 
bearing accounts in their retail 
branch networks to satisfy the 
growing mortgage demands of 
their customers— particularly 
with the banks’ seven-day • 
deposit rate uncompetitive ' 
against other savings and in- 
vestment rates. - 

The banks therefore have to 
look to -other sources to finance 
mortgage lending: either money 
deposited In bank, current 
accounts or borrowings in the 
wholesale money market. Money 
market rates a re currently 
around 9} per cent while it has 
been estimated that it costs the 
banks around 9 per cent to 
service their current account*. 

This compares with a build- 
ing society base mortgage rate 


of 12 per- cent, . which could b eg? ' 
as low as 10 to ceafthis 
time next month. " • ' . ' a- - f | . 

The operational., and ntShag-.- i 
erial expenses of . building' soc- - " 
ieties, although rising in recent 1 
years, are not as- high as those. 
carried by the .batiks. Societies! 
do. not have to administer 
expensive money transnznsi<m t- 
services providei SbcJetief also^“ . 
_ benefit rfrom tax advantage not# 
enjoyed by the banks, altf&bgh* 
these "are not as;lmportast.asj 
they once were. ’ - r . i 

The building societies iJtmT. 

■ remained much more compel-? 
tive in the savings' market than t 
have the banks:- Last nfimth " - 
societies reported net receipts': 
of £668m Only £Z8m short of" 
the - record £fifll" net receipts.: . 
achieved in July . thlx year. 
October is expected to 1 he ut-] r 
other bumper mopth for safety 
receipts. ~ Z i : ; 

The stresses attd strains of. 
home- loan ■ lending are . begn*- -- : 
ning to. show in.>.the banking •• 
community. ' Lloyds, Barclays . 
and Midland have-all announced 
plans to cut their, lending.. 
Societies: say they will need: To- - 
maintain a- high-level o£ net.’ . 
receipts if they atje to meet the j- . 
extra-" mortgage demand created *- 
by the banks’ strategic retreat V 
from ; the market Last month */- 
net hew -commitments made byj. 
societies ( money promised but'- 
not yet Tent) justed to a : 
cord £l,6bn£. - . - $ 

. Andrew Taylor ; 


IN THE COUNTRY 


OUT OF THE COUNTRY 


Protection at home 


The much reported concern 
of bankers at the level of international 
‘debt has served to highlight both the 
current weakness of the world's 
monetary economy and the enduring j 

importance of gold. 5974 

Time and again,in periods of 1975 

economic uncerta intv: gold has proved 1 976 

its ability to survive and thrive when j^77 
overinvestments have noLThat is why } 9 y| 

gold is such a telling addition toany 1980 

investment portfolio. 198 1 

Not only does gold give a port- — 

folio balance: it adds a unique flexibility 
from which you may profit in either the 
short or long-term - or both. 

Long-term, gold has a matchless recorci- 
and has shown an upward trend through 
thousands of years of turbulent history 

Short-term - as the table shows - sharp 
price fluctuations have created the opportunity 
for substantial gains, often- in the. space of ' 
a yean 

The most internationally accepted way for 
private investors to hold gold is in the form 
of bullion coins the most popular of which are 
Krugerrands, with more than 36 million held 
throughout the world. 

IN THE COUNTRY 
Buying and selling Krugerrands is a 
simple transaction through thousands of 
High Street banks, stockbrokers and bullion 
coin dealers. 

There are four coins to choose from, con- 
taining I oz. feoz. 6 oz and Viooz of fine gold - in 
22 carat form for greater durability 

Their value is directly linked to the price of 
gold-which. like any other investment goes up 
and down. 

The I oz coin is around 3%above themfing 
gold price and - whether buying or selling - 
attracts a handling charge of 1 - 4 %. 



LONDON GOLD PRICES 

I Highest I Lowest 1 Average { Average 

i * | « | e | Index 

Inflation 

Index 

FT 

AD- share 
Index 

1971 

18.16 

15.59 

16.67 

100 

100 

164 

1972 

28.58 

17.12 

23.39 

140 

107 

213 

1973 

49.32 

27.16 

39.58 

.. 237 

117 

185 

1974 

84.19 

49.60' 

67.83 

407 

136 

| 107 

1975 

79.13 

62.52 

7Z34 

434 

369 

133 

1976 

S4.55 

'58.4! 

69.34 

416 

197 

153 

1977 

92.37 

75.13 

84.56 

507 

228 

, 192 

1978 

1 116.78 

1 86.60 

1 100.65 

604 

247 

217 

1979 

235.19 

108.62 

143.54 

861 

280 

246 

1980 

371.06 

215.58 

263.74 

1.582 

330 

271 

1981 

! 256.04 

! 205.73 

227.29 

[ 1.363 

369. 

308 


•Note: Equities yield income, whereas Gold does not 
An investment in Gold will normally be suhject to 15% VAC 

SoMffesSflfflurt M 0HV4U & Co. Linolnl FinmcM Times. 

If you wish to buy and hold Krugerrands 
in the UK, 15% VAT is normally payable and 
not recovered on resale. But you have the 
advantage of easyaccess to a portablejmmedi- 

ately negoD'able asset. 

OUT OF THE COUNTRY 

Alternatively you can buy and store 
Krugerrands in countries which do not apply 
VAT - for example. Luxembourg and die 
Channel Islands -or which exempt UK 
investors. 

Cleariyyou forego the advantages of 
immediate access and physical possessioabut 
you will not have to pay VAT unless you repatriate 
your holding - in which case the tax is payable 
on the prevailing price of Kmgenands,at the port 
ofentiy 

Investment abroad can be- as easy as at 
home. You can deal either with the many UK 
dealers or brokers who have overseas facilities 
or direct with a' foreign dealer or broker based 
abroad 

They will purchase Krugerrands on your 
behalf then issue you with a redemption oertifi- • 
cate or receipt which is all you need to return 
when you want to sell 


jiSLre WHATTODONOW 

Whichever investment route 
164 you choose.Teledata [01-200 0200) 
2 1 3 have details of whom to approach. 

They can also quote you the current 
} gold price a nd approximate retail 
1 53 prices of all Krugerrands. 

192 \{ you require a more thorough . 

217 briefing the International Gold 

27 j Corporation have prepared a compre- 

308 hensive publication.The Krugerra nd 

Directory containing full information 

on gold and the Krugerrand aS well as 
the official procedures of over 7.400 

distributors in the UK and abroad 

• To order your free copy simply fill in the 
coupon below 

r"ro:The Krugerrand Directory PO Box 4ZR 1 

I London W! A 4ZP. Jam very interested in investing | 
in Krugerrands Please send mea free copy of The 
i Krugerrand Directory- | 

I M i 

j Name : I 

I Address^ : ! I 






The Ultimate Asset. 


THE GIBRALTAR Government, 
having failed to make any con- 
tact with Signal life or any of 
its executives, has last week 
presumed the death of the com- 
pany by cancelling its. certificate 
to transact insurance business. 

The - authorities are 'now 
appointing their own auditor to 
investigate the financial affairs 
. of the company. Bat the findings 
. are likely to be too long in com- 
ing and too .incomplete when 
they do appear, to be of much 
assistance to rhe holders’ of 
Signal’s Gilt Bonds in getting 
any. of their money back. 

So what is the . Government 
doing to protect consumers from, 
a repeat of the Signal Life 
episode? After all, the 1974 
Insurance Companies Act lays 
the . responsibility for consumer 
protection, firmly ' with the 
Department of Trade. The 
answer is very little. 

Dr Gerald Vaughan, who as 
Minister of State for Consumer 
Affairs is fee . insurance over- 
lord, told fee. BBC Money Box 
programme recently that regu- 
lations would be laid soon before 
Parliament which would make 
overseas insurance companies 
not authorised to do business in 
fee UK. disclose much more in- 
formation in their promotional 
literature and advertisements. 

This will Include naming the 
country of registration; the 
managers and the trustees, if 
any. -and a warning that the con- 
tracts are not protected by the 
Policyholders Protection Art- 

One needs to await the publi- 
cation of fee regulations before 
making a final Judgment on 
feeir effectiveness. But they are 
likely to be of as little use to 
protecting the "public as issuing 
regulations for burglars to wear 
stocking masks- and jerseys ' 

The Government" has got the 
message Of fee Signal Life saga. 
But It is so wedded to fee con- 
cept of freedom of insurance 
services that it is reluctant to 
take any measures to protect 
the. consumer' that impinge on 
this freedom. 


Details have come to hand of 
two overseas life companies 
actively. marketing their 
products in the UK— Victoria 
Life Assurance registered in the 
British Virgin Islands and. 
Caribbean Life Assurance regis- 
tered in Anguilla. 

Each has issued prospectuses 
on feeir contracts which would 
appear to comply with these' 
new Regulations. What they do 
not show is that fee Trustee 
company in each case has a paid- 
up capital of £2. Nor do they 
show the cross holdings between 
the trustee company, fee man- 
agement company or the share- 
holders of the insurance com- 
pany. : . - • 

One lesson from Signal Life 
was the need for th» trustee to 


bp independent and actively to . 
monitor the activities of fee in- * 
surance company -managers. - 
The second lesson, of Signal 
Life was ixr.-the method of mar - 
keting. These companies did hot 
moke a big public announce- 
ment of their entry into tfie 
market. The selling- was done by';- 
the executives of- the marketing ( 
company actively • canvassing 
insurance intermediaries around . 
fee country in person-to-person 
meetings and local teacMns. ft: ’. 
was some tame before fee media 
became aware of what was hap-_ 
pening and even Mater before 
the authorities knew what was ' 
going on. ■ 


Eric Short. 


an 






Thu) r*m»rlvtMeboU{T-wWchcoifs 
about 40% men than anoniin^iycra*- ' 
wiH normally ’ .. . 

PAY.rOR ITSELF ALTOGETHER 
inoule fWfr yaara. li will thendp bn Hvltig 
youhundiadBorpeumUyMraft»ryear.- - 
Canyon afford another vrintarwlth 
your preient hotter? For more dn biiU . 

fill in and return the coupon. ■ • 


Archie Xidd 
! VHElJrtto*. 
as Speaaiiyjiwj? 
fe lor the . ‘ 

1 deftrlogani. 



i OMrI .^* rR - . - 

MmMi MOOO-W.OnnBtnAt. J : — : r. 

KMm2 n*lDDO-lM.fOODtuOir. ] AddiW_ — _ . ' 

SintBMeioral.oaer LPQ I • >-.. 

Aiebia tti4d (Tbwmall Umhari » ■ ■ ' - : • I ‘ . 

Seehd. M*K«hmia. Wittobne. J “7““ T' — — 

^T<l SeetxHMSOW) 49C/ZOI l T « l ^°"* lfa ■ • ■ 


— . >a rjJ 
• -*vt 




Saturday October 23 1982 : 




YOUR SAVINGS AND INVESTMENTS— 3 


US 


on pensions 




and the self employed? 



Sweet for Granriy 








£ 





At Age 
55 \> 

• Hdl 


JOURNALISTS, advertisers, 
public relations consultants and 
a host of creative artist have ' 
endeavoured for . decades, to get 
the pensions message across to 
the pubMc. But none of their 
efforts has summed up the pub- 
lic's attitude as precisely as the 
famous advertisement from. 
Pearl Assurance -on file five 
.ages. of man which appeared 
. over 30 years ago and is repro- 
duced here, 

- .There . have been great 
changes in the pensions field 
since this advert! sment first 
appeared. - Then the basic State 
pension was abysmally, low and 
. anyone not in a company pen- 

- sion scheme faced a break pros- 
pect at retirement .unless they 
bad made their own provision. 
There are now nearly, lm 

- pensioners on supplementary 
benefit. 

Now with, the State earnings- 
related scheme well established, 
any young employee can expect 
a reasonable pension at retire- 
ment, either from hjs company 
or the State, even U he changes 
jobs several times. 

Howeveiy very little has 
..changed for the self-employed; 
who are only entitled to the 
basic fiat rate pension from the 


State. They need to make their 
own pension provision if they 
want a decent pension at retire- 
ment and the earlier "the start 
the better the pension. 

So this year Pearl, in its TV 
■campaign,, has. resurrected its 
old advertisement and .brought 
it up to date, u s i n g the make- 
up skills 1 of Vanessa Perry to 
take actor Christopher Saul 
ftrom 25 to 65. . - . 

The company, is claiming Its 
best-ever response to a TV 
campaign, emphasising the 
effectiveness of " the age 
approach in getting the pension ' 
message across. 

These pictures convey more 
than thousands of- words. So 
it may seem churlish to advise 
readers to survey the market in 
personal pensions and not rush 
out to the first Ufa company 
they hear about. The range and 
scope of the -market can be 
gauged from tte coverage given 
in Money Management’s c u r ren t 
handbook on self-employed 
pensions*. 

Meanwhile, the Prudential’s 
linked life company Vanbrugh 
has adopted a completely differ- 
ent approach in its new pension 
contract, going upmarket to the 


Executive Pension sector. Its 
new executive scheme, called 


The company contributions 
are eligible for Corporation Tax 


At Ad* 25 
"i mmoyDuirn to 
thUiK UCKt ptmUsaa." 


Directors’ Finance Account, was offset and can be varied to gr— 
designed on the views obtained maximum advantage. ThS 


by interviewing 450 managing company can borrow back froil 
directors of small companies the pension scheme up to 50 pe} 
(annual turnover of up ; to £5xn>. cent of the assets, 

All these points are empha-t 

M a nagin g dgectors were Bigg^ in the.: new brochure on 1 
asked to evaluate their financial ^ ^ema. Indeed pension 
prob lems ana no-one mentioned e i emen f jg mentioned onlv as an 
pension provision as a fi nancial afterthought, even though it is 
problem— a little surprising m the d’etre for Uie Re- 



At Ago 35 
*Tm toe bray lo 
talk about panaiom.* 


view of the^ above^ comments, venue approving the scheme. .. 
The two major j^oblems men- ExectdSve pension schemes 
Honed were the effect of higher have on the market for 
rate tax, on saiary incr eases and some #ime have been 

Hie potentfai Capital Gains Tax discussed,* with particu- 

Habilities on selling company Emphasis on the tax effi- 
shares- They were .also con- degcy of such schemes for all 
cerned. about -corporation tax on concerned. Yet Vanbrugh 
company -profits. Capital- Trans- pi Jims that small businessmen 



some. ^time and have been 
widely .discussed,* with particu- 
lar emphasis on the tax effi- 


A1A80 45 

*1 well I'd mam 
arrangemonts (or ■ panMk 


rned. Yet Vanbrugh 
s that small businessmen 


Q 


fer Tax and tying up company » still unaware of the poten- 
capftaL* — «- 


of such schemes. 


Executive pension schemes Jp The Self-Employed Pensions 
can be regarded as meeting all. Handbook and Executive 
these problems.- lump sum; Pensions are both available 
death .benefits of four times from . Book Sales Department, 


At Age 65 
*V!l wufiyiiiu to hvn 
no pmian in took forward to."* 


salary- are paid free of 'GET- Financial 
Salary increases to executes Publications, 
can be made In the forn^ of Fetter Lane 
contributions to the pension ind price 
scheme. A tax free Inmqysum (including 
of up to one and a half-times packaging). 
salary can be paid bnjketire- 
ment 


Financial Times Business 
Publications, Grey stoke Place, 
Fetter Lane, London EC4A 
2ND price £12.50 each 
(including postage and 
packaging). 

Erie Short 



At Age 65 
WhatcmldonowT* 


INVESTORS. WHO have joined 
the rush to cash in their Granny 
Bonds may well be enticed back 
by the Government's sweetener 
announced yesterday — a supple- 
mentary payment on top of the 
usual index-linked increase. 

Index-Linked National Savings 
Certificates, still known as 
Granny Bonds even though they 
are now available to investors 
of any age, have been losing 
their appeal as the rale of 
inflation falls and looks likely 
to continue falling. Other 
fixed-interest investments, the 
24th issue National Savings 
Certificate, offer more attractive 
returns. 

Investors have been switching 
out of Grannies at an accelerat- 
ing rate, with net withdrawals 
in October averaging £50m a 
week against new investment of 
under £10m a week. If the 
Government wanted to staunch 
the flow it had to act quickly. 
It has done so by invoking an 
option in the second issue pros- 
pectus which allows it to pay 
a supplementary benefit 

The supplementary payment 
will be .2.4 per cent of the bond 
value as at October 31. 19S2, so 
long as they are held for 
another year. It will be added 
to bonds on November 1, 1983. 

Thus for investors to be 
eligible for the supplement, 
they must hold the bonds for the 


next 12 months. Those who 
have sold can qualify by buying 
back before the end of this 
month — but they will have to 
hurry, as there is only one week 
left 

Investors now have to taka 
this supplement into account is 
assessing the relative merits of 
fixed-interest -investments. .Urn 

2.4 per cent represents roughly 
the average current real Irate 
of return on the index-linked 
gilt stocks. 

Even with this bonus. 1 the 
prospective return on Grfinny 
Bonds over the next year 'still 
does not look outstanding. The 
Government is forecasting that 
inflation will be down to 5? per 
cent sometime next year and 
on this basis the value of 
Granny Bonds will increase by 

7.4 per cent over the next year. 
Meanwhile it is possible to corn 
8.92 per cent on the fixed 
interest 24th issue of National 
Savings Certificates. 

But investors should look 
beyond the short-term in 
deciding whether to hold on to 
their Granny Bonds. It took 
a long time for the Government 
to make index-linked invest- 
ments available to the public. 
Having got them, -they should 
not be lightly tossed aside.. 
There needs to be a lot more 
evidence that inflation rates 
will stay down. 


The Association of 
Investment Trust Companies 


a sat dose of business on Mandayl8th Octoberl982 


THE INVESTMENT TRUST TABLE 


The figures m the columns below are based 
on information supplied by the c ompanies 
named, which are mem bers of Tho 
-Association of Investment Ihut 
Companies, The figures are unaudited. 












AlHancefroBt - T , -- 

Atlanta. Baltim ore & C hicag o ...... 

TtriHahTnuMHti Thint I... ........... 

First Scottish American frost ....... 

Invus to re Capital frust 

- Now Darien Oil frust 

Northern American Tbust Co. 

River Plata & General Invest. Tnst .. 

xSave& Prosper Linkedlnvest Unfit . 

Scottish Invest frust 

Scottish Northern Invest Trust 

Scottish Unfled Investors ........... 

Second Alliance Trust .............. 

Shires Investment ...... .1. ........ 

United States Debenture Corporation - 
'West Coast &Tbxsa Regional........ 

BodOQiaGiffbzd&Co. 

Scottish Mortgage & frost 

Monks Invest. Trust. 

Vfinterbott om Energy Tmst 

BaiBie Gifford Japan 

MM Wynd International Invest frust 
BaringBro8.3ECo.Ltd. 

Ontwich Invest frust 

fribune Invest frost ............... 

Drayton Montagu Portfolio Mngt Ltd. 
Bnti&Indnst. & Gen. Invert. Co. 

City & Foreign Invest. Co. 

Drqytmz Consolidated frust ......... 

DraytonFar Eastern Trust. 

Drayton Japan 'frust.:, 

DraytonPremierlnvest Bust ...... . 

•Rn ffiah & International frust 

Montagu Boston Invest. That 

xCfly & Cnmmerrial Invest Trust .... 
xDuidvestpk.. ...... ............... 

xFumfinvestulc. 

xSHpIevestplc; 

East (^Scotland Invest Managers Ltd. 

Aberdeen frust 

Rentland Invest frust 

EdinburghFund Managers Ltd. 

American That 

Crescent Japan Invest frust ........ 

GeneralScotiiah frust ............. 

New Australia Invest frost 

NewTbkyo Invest Tmst 

WemysB Invest Ttust 

Electra, House Group 

Globe Invest This* 

Tfemple Bar Invest frust ....... 

FAC Group 

Alliance Invest Co. 

Cardinal Invest Trust ............. . 

F&CEurotnmfc 

Foreign & Colonial Invest Thist .... . 

General Investors & Trustees 

Robert Fleming Investment Mngt Ltd, 

Claveriwuse Invest Bust 

Crossfriars Thist 

- Fledgeling Investments . 

Fleming American Invest Thist ..... 
Fleming Far Eastern Invest Trust ... 

Flaming Japanese Invest Trust 1 .•>... 
FiunmgMensantile Invest Trust .... 
FlemtogfrchnoloKY Invest fru#t .... 
Fleming Universal Invest That ..... 
London & Provincial Thist ......... . 

United British Securities Thist 

United States & General frust Carp. 

Va T Management Ltd. 

Berry Trust 

GTGtobalRflcoveiy Invest That .... 

GT Japan Invest Trust 

Northern Securities frust 

Giir fanare liwP MtommitMma^fflpnt LtiL 

xAltifimdplc. 

Anglo Scottish Invest frost ......... 

English & Seottishlxxvestots ....... . 

Group Investors 

London AGartmore Invest Trust .... 

London & Lennox Invest Thist 

London Sc Lomond Invest frust ..... 

London &StrathdydeThwt 

Meldnnn Invest Trust ............. 

fiiri mmu Inwirtnient (Scotland) Ltd. . _ 

■ 

. Glasgow Stockholders frost......... 

John Govett & Co. Ltd. 

- Borfnr &Sontbern Stcwkhaldarafrnst 
General Stockholders Invest frust... 

•LalosVSowInvest frost 

Stodcboldsrs Invest frust .......... 

Baxnhro Group 

Btafatvagstefrust ••• 

City of Oxford Invest frust .......... 

Haznhzoo Invest frost ............. 

xRosedUmrod Invest frust.... 

! . HfltaaJhivBStCo. 

Electric* General Invest Co. ....... 

Greenfriar invest Co. — .... 

Lowland Invest Co.. 

PhOntHIll (Management) Ltd. 

General Consolidated Invest frust .. 

Phili pHill Invest Thist 

Moorga to Invest Thist ...i.. ....... 

NhwteenlWenty-Eight Inveat frost 
l ndMdrial ACmflmauialKn.Qgp.Ltd. 

Tj«Am AHmtii-Inw gt.Thlgt ....... 

North British Canadian Invest Co. .. 
BnydbSonsXid. 

Atlantic Assets frost ...... 

British Assets frost 

Eefinburgh American Assets frust ... 
Indeporvdept Invest Co. ............ 

JapanAssets frost 

MfctagRes aa i w s frust 

KJftmwsrt Benson Investment JlngtLtc. 
British American & General Thist ... 

- BnumerbflVBSt frost 

Charter That* Agency 


Stonily invest That 



as at closeof business on MondaylSth Octoberl982 


Company 

(SO 


Job Holdings 

LoirionPradentiallirvest frust ..... 
Merchants frost 
ZatzardBros. &CaLtd 

Raeburn Invest That 

Romney frost....- ......... ........ 

Morgan Grenfell Ltd. 

Anglo-American Set Carp. 

NorthAtlantic Sec. Corp. 

MumorJphnstnnftTid. ~ . . 

.. y -Mnrrtiy r VaTpffoniflTi Tnv HBtfrnefe .... 

Mrainy Clydesdale Invest frost 

Murray Gtendevonlnvest frust 

Murray Noribracn Invest Thist ...... 

r MmxayWestemluvestifrnat 

BivermocS 1 Management Services Ltd. 

'■ ‘London frust . 

.*"■ Mdorridefrorir . ; . 

River & Mercantile frust 

j UflUwfWlii Tnyiwit ’M^nByrnwi fT jM, 

. HTfandNarthem 

Ailm Tm iPHt frust ................. 

PrEckraa Metals frust .............. 


PC I I a iTJ m p w , , rTTTrrTiTT^jTi ^ * > ■ 


Equriy Income frust .............. 

JHenry Schroder \%ggGrmq»‘ 
Ashduwnlnvest frust ............ 

BroadstonelnvedL frust 

Ccmtineaital& Industrial frust 

frans-Oceamc frust 

Stewart Fund Managers Ltd. 

Sw rftiaTi Ai«prii»i»u T ny put. ...... 

Stewart Enterpnselnvest Co. 

Tbrogmortottln w& M aito g e mentlizL 
xTbrogmoriim Retail Gcowtiifrost 
Thrnpno n r ta mfrnflt , .".VI . .. . . - , - 
Tbuche Remnant & Co. 

Bankers’ Jhveetfrust 

Cedar Invest frust 

• TRAuBtralialnvoBt, frost 


Net 

Share Asset' 

Price Yield Value 
(3) (4) (5) 



NOTES TO THE TABLE 

+ No data. 


s Does not indude special dividend. 

D More than one quarter in noo-equity iavestmeatx. 
• Mom. than 20% in securities or other assets 
included at directors’ vslnation, 
ae Adjnstedforacrip issae. 
ar Adjastedibrzights is8a& 

<a)Cd^L3toS Figures supplied by TOwJ Mackenao 
& Co., members oT The Stock 
Exchange. 

Col. 1 to nearest £hn: Cols. 3 & 5 to 
nearest penny per Bhsre. 

(hJCbbkltS Statistics shndaled to date shown 
based cm lutestval nations supplied 
the companies and madeavanabte 
to The Stock Exchange. In these 
valuations listed securities are 
valued at mid-market prices and 


*■ unlisted at directors’ valuation. All 
revenue account Eteim are excluded. 

(e)CoL4 Based «m tost declared dividend or 
firm ftreeast. plus tax credit, to 
nearestOJ percent. 

(d}0d«.6ts9 Percentages of total assets Iras cur- 
rent liabilities. C ur rency balances 
are allocated lo the relevant geo- 
graphical rectoc 

CalCoLlO The gearing factor indicates the 
percentage amount by which the net 
'asset value per share would riseiflhe 
value of the equity assets increased 
by 100 per cent. Further explanation 
w given in the booklet. Investment 
Ihist&loday! 

(OCoIb. 5,11 Prior cfaaraes and preference abate 
capital deducted at market value: 
convertible stocks deemed to be 
converted: warrants treated as not 1 
1 exercised. 


CalCoLlO 


(OCoIb.5,11 


INDICES OFFIVE YEAR 
TOTAL RETURN 

General Trust Average 18 

F.T.— Actuaries AH Share 191 

‘Standard & Poors Composite - -31 
* Capita] International World 31 

- * Adjusted for exchange rate changes. 


(KlCoLll 


Figures supplied by AITC Stirtistica 
Service, to neatest one per cent. A ’ 
foil description of the information^ 
shown in this column is given in the ■ 
Investment frost. Year Book. In 
summary the figures show the per- 
centage changes in the net asset 
values over the period assuming that 
dividends paid, exdudmg-tax credit^ 
were re invested in the onded yi ng. 
assets of the cu mpanv: 


1 I f i i tYn^ riisig 1 1 I g.mi|i I 










• i -'-f- 

■■■■ .HiimmrA, 


. .. .. - .* *^ 


[r 


wwm 





?7t‘, 1 1 1 1 ' ijt V, l 




8533 m 




i' . » 

Imestment 

Tjrusfe 

today 



vpT-7 * 


Our explanatory booklet for private investors and their advisers 
ismiw available free of charge from the address below. 

_ The graphs and data sheets demonstrate htiw important it is to 
consider Investment Trusts if you arm p ricing- inmnn» capital g ro wth 
or a SD ceessfnl combination of both. 

iFJpf . Send today fijryoar&eetajjrsc 

Tb: The Secretary, 

* The Association oHiivestmmt Trust Companies, 

FREEPOST, London EC2B 2JJ Teh 01-588 5347 - 

(No stamp required if posted in the UK) 

Please sand me - • copy/copies of “Investment Trusts todayf (block capieaibhbase) 


Address 


H^snanfBveetmtofeauriewpItoaBinitoateyampmicssuuti - FT23/10- * 

stockbroker Q amouutgntl I ~-aolta»tor| [ insurance broker P| • banker l~(- (pltote tidtatjoppropriofn) 





























































































































Financial. Times Sateday October. 23 1982 



IN FRANCE 

BUT OR RENT 

Seaside, Mountain, Country 
Ask, tree of charge, tor 
THE REGIONAL GUIDES 
OF RESIDENTIAL PROPERTY ADS. 

published by the magazines 



t am looking far a flat or a house in the following 
region*. Chock tha corresponding box: 


8 1 os 1. 
2 not 


G 1 Mediterranean coast fC&te 
d’Azur, Languedoc, Roue* 
aillon) 

□ 2 South - West (Land as. 

Basque country, Pirigord) 


A Centra 

5 Mountain 

6 Paris area 


S 3 Brittany 
ease write in capital I attars; 

Name 

Address 

Town 

Country 


Others, opacify the department 


Mr □ 
Mrs □ 
Miss a 


Postcode 

Phone 

Coupon to be sent to: 

CNA. Rue de Richelieu. 75001 Parle, France 
P.E./F.T./23.10.8Z 


01-6297282 


CANTERBURY 
CHELMSFORD 
CHELTENHAM 
CHESHIRE 
EDINBURGH 

13 Hill Street, Berkeley Square, grantham 
London VMX8DL IPSWICH 


Strutt&Parker# 


end asStrutf fParimr, Watts § Co 
atHamgate>Horttua*ztanlBam*niCastta 


IPSWICH 

LEWES 

NORWICH 

SAU8BUHY 


NORFOLK BROADS 

Wroxham-Narwich 7 miles 

A Superb Country House 

Set in a magnificent broadside situation in gardens and 
grounds and having frontage of 200 ft, to the River Bure. 
Hall, magnificent Drawing Room, 2 further Recaption Rooms, TV 
Room, superbly fitted Khchan/Breaktnsi Roam, Master Bedroom 
suite with Bathroom, Guest Suita with Shower Room. 3 further 
Bedrooms and Bathroom. 3 Garages. Sports complex of Squash 
Court. Deop Water Mooring. Heated Swimming Pool, 

About 3jr Acres 

Joint Agents: MILLS A KNIGHT. Wrexham and 
Strutt & Parker, Norwich Office. 6 Upper King St (Q0O3) 617431 

(Ref. 9BB975B) 


TO LET 

5T. JOHN’S WOOD 

Charming period house in quiet 
Terrace, near transport. shops and 
American school. Wotl-fumishad, 
4 bods. 2 bath 3/sho ware, 30ft 
racept. large dining room, mod 
• kit ^brea Want room, utility room. 
Piano. Gas t.h. All machines. 
Garden front nnd rear. E375 p.w. 
01-722 3562 or 038 77 6B3 


AMERICAN 

EXECUTIVES 

seek luxury furnished flats or 
houses up to £350 per week. 
Usual ftps required, 
Fhlllins Kay & Lewis 
01-829 2245 


AHNANOALUMES SUKVE5T 

WEST OF LONDON 




FRIDAY NOVEMBER 19, 1982 

Copy date: November 9, 1982 

The Financial Times is planning to publish a 
Survey on West of London Property. The 
provisional editorial synopsis and date are set out 
below. 

INTRODUCTION The strength o£ the West 
London commercial property market has been 
underlined during the recession. Tenant demand 
for a wide range of industrial and commercial 
properties has remained high although there is 
concern that some markets in the area may be 
suffering from over-development. 

The Financial Tiroes looks at the performance and 
the prospects for different aspects of the property 
market in and around the following locations: — 


Slough 

Reading 

Windsor 

Swindon 

Hammersmith 


Guildford 

Newbury 

Basingstoke 

Heathrow 

Bristol 


For further information about advertising rates 
please contact: 

Tim Kingham on 01-248 0769 
or Simon Hicks on 01-248 8115 

HIN^CIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The content, size end publication dates of Surveys in the 
Financial Times are subject to change at the discretion 
of the Editor 


SOUTH COAST PROPERTY SURVEY 
will now appear on Friday. January 28, 1983 


PROPERTY 


from pylon to Noel 


BY JUNE V 


wn-H peace ttf aft* , their ham, in the depths of stock- 

have Ken the suaa.hirfnS .. seaside retreat while admitting broker Surrey, his home for .the 

23SAIS '2* ifc * rather » *0 *e ■ last two years, as he has moved 

a S am as far as buying to St John’s Wood as a more 


■ ShSSST pr SS erty ^8; convenient base for his writing 

SSSLSS.. south 00381 “ ^ activities. The nine^irooS 

StfVSSE? k^*****- bouse, built about 120 years 

subur ° axi ; “ m F/ . It has been a good season for ago, has a dressage school. 

rrS- jl * the places, where witters once stables, coach house, staff 

As the plaque on the front Uved andworkhd. Earlier this- cottage and a swimming pool, 
wall records, this year the ' Htth-centuiy: Talland and is on offer in the region 

weisft^poet Wan~;'niDmas House, St ives, Cornwall, of £400,000 through Mr Michael 
(1914^) was born on Ocfo- xjyidliood holiday home of Barrington, Aylesford, 103 
2“ home uoiIl; J934,., jjoselist Virginia Woolf -was for Kensington Church Street W8. 

the .family taaving sqme^^ree .. gala through Humberts Land- and Bernard Walsh. 29 Lower 

P 1 ® 0 * (It ^ 016 SBttia fi for Beferave Street SW1. 

fHodder ‘and Stoughton 1977) £? ^!2^«fI 1 5L„T es SJ fcaadlmg the sale of Sir 
and one can imagine -some SUSPS SSSS . SSHSflLiiS? SJ- ***2* The 

lingering presenreinthe place.” SJv«2^2?-nS^5Li Studio, Gerald Hoed, London, 

composer David Jones describe ^thDevoJ^hi^oftoe late SfS"* JD&JlS “"2?. 

in evocative terms the back Tr pnrv Williamson for sal* nn 9 

room where “you could usually !ST!f gfiaSSi to dwk in foe gat 

see a half-finished Times cross- gmmn f f 65,000 10 lened diningroom, and the 
word puzzle lying on the sag- ’ ’ - original stage where so many 

ging seat of the armchair where Whileat Hayliztg Idand, Pond big names in show business re- 
*« D^ M Dylan’s father (a school- Hea4 1x01116 of Nevil Shute hearsed and performed; The 
ma ste r ) 1 brooded away his even- Trom 1945 ■ to .1950 when he five bedroom, five bathroom 
ings and weekends ... The w™ 16 A Town Like AUce, was house has been splendidly re- 
middle room was where Dylan on offer recently through stored and furnished by de- 
and I were allowed to indulge Whiteheads, Collett. Hayiing fn-rner Davma Taylor, and the 
in our no nsens e, provided that' Island, and Mr Michael Bran- whole ■package is on offer 
we were quiet about it .. . . -don- Jacksou-Stops and Staff's -around £995,000. 

The front room “ a place apart” ■ Chichester Office. “This letter to you is about 

was reserved for Nancy, The early IShh century house-ban ting." wrote writer, 
Dylan’s sister's “long drawn-- Bluntisham House in two- acres designer end craftsman William 
out ‘ romance’.” in Cambridgeshire, home of Morris in 1878 to his wife Jane, 

Henry. Jones- and ‘Hobbs, Dorothy L. Sayers from 1897- pointing out that The Retreat 
who are patting the place to 1919, and more recently jazz novelist George Macdonald's 
auction on Thursday at Swan- musician Chris Barber, is for former home -on The Upper 
sea’s Dragon Hotel, -are expect- sale at £125,000 through Man . Hammersmith, on the 
ing in the region ef £23,000 to Jackson-Stops and Staffs New- north bank of the Tham es, al- 
£28,000 to alowl for “ association market office; and Godfrey though “quite dry,” was eHeo 
value.” To view contact Mr Winn’s old home. Mill House, “in very bad repair” But it 
Malcolm Jones, Henry. -Jones FalmeT. ’ two miles from “could easily be done up at a 
and Hobbs, Beaufont House, 1 Brighton in Sussex, is on offer cost of money, end might be 
Walter Road, Swansea (9792 in toe region of £90,000 through made very beautiful with a 
461530). Open Saturdays and Mr TCm Game, Strutt and touch of my art'’ 

Sundays until 4 30 ; Pmker's l^wes office. The ste ^ description of the 18th 

Association with someone bedroom Regency house, part Kelmsena- House ax 

well known always arouses in- , of Hhe Earl of Chichester 2K%J! 

terest whether in city suburb estate, needs some attention, as 
or on a private conntir estate, does the garden into which 
Smce the news that- the Earl Godfrey Winn introduced a SI 

and Countess Spencer haw wWT variety of spedmau trees * *5^ 

bought two adjoining houses, and shrubs. ^ c 

TratiPwindK aiiri Wairimw!* . trustees are ejecting offers m 

theSa-froS A b «J- srftter ^ Bayswater, a the region of £100.000. and it 
at^ the Aldwric? 1 Bav^S?' • flat in Maiylebone, a emild cost another £70,000 to put 

? , «C B U? m f o r fte ^ ceinOTder - 

week, business has bri^itened L n , Ql . e f i H ^ s ™ e ° ac R , of There have been various 


There have been various 


considerably, says Mrs Janet " palp s . Cos J a 5““®;* COT P tr7 attempts over the years to get 
Carter of the only agency on 5W® 4 , 1] 2 Ireland— these have someone interested, and tenders 
this exclusive enclave near Bog- r**? some of the homes of ^ due ^ m Thursday to Mr 
nor Regis. ... author Frederick j acteoil - 

She hop® that once the .ex- Forsyth. Slops and Staff, 14 Cuizon 

citement has died down that the. Now he is selling Lakenheath- Street, London, W.L (01-499 
Prince of Wales’ in-laws will be Lodge, in 12 acres near Fare- 6291). 


VV’, :: .‘.V 
-f- a 
•I; # -Vt"* 


r^eas 


SOUTH OF FRANCE 

Les Collines Du \fcl d’Esquieres 

Charming Provencal-styteVillassetin 
beautiful parkland withsweepingviews 
overtheGulfofSLTropez. 

Stud los fra m £28,000 

1 Bedroom from £36,000 

2 Bedroom from £48,000 

2 Swimming Pools-Tennis Courts 

. Forfurtherinformation 

Exclusive U.K. Agents. 

116 Kensington High Street, London W87RW 
Telephone: 01 -937 7244 Telex: 8955820 



In 

Morbeilo... 


BATH 


24/25 MARLBOROUGH 
BUILDINGS 

Spud ■ IWto ttpw la Ik* CHy of Ban 
and td a will know It te tu nkcat 
place to lira 

Tha most desMria apar t ment * must 
be Gurslan. Tbev have atmoSPbn. 
mu and Brat*. Tha position come* 
nut. and Marlborough BulkHnax b 
Hiprcmr being vtrtMllv . adjacent to 
the Roval Crescent. Victoria Park and 
High common. Ona- Is at the amc 
time In tfie City and In ttie Conntrr. 

Our apartments at Nos. 24 '25. 
Marlborough Bnildmsa are uokme In 
the external and Internal Mature,, 
being a double house with one stair- 
case. TTiarB are apartments v-tth 
three bedrooms enjoying the morning 
sun and large living room* for the 
afternoon »e*enlng son setting over 
Victoria Par*. One and two badrocsn 
apartments also avallabla, 

Only eight remaining from around 
C4 o.ooo. Details and apnototment to 
vlaw from: 

PLUMMER * HOCKEY 
(OF BATH & SOMERSET) 

ISA. Quean Sqoara. Bath 
Telephone Bath (0223) 221 03 


BRONXV1UE. WESTCHESTER, NY, 
A LUXURY EXECUTIVE 
COMMUNITY 

with' niagniflcant hotnas. famous 
schools, con van I am m airports and 
28 minuta RR oontRiim to Man- 
hattan. 

Ulrra-madem skylit Townhouse In 
historic landmark district. -LR/fpl. 
DR. El 1C. huga . MBR/barth + add! 
-BR and bath, large ntudte/deck. 
S31OJ000. Exqulmltely lumlshad, 
S330.000 

SPENCER REAL ESTATE 
8 Park Place. Bronxwflla, NY 10708 
974 779-1777 


OUTSTANDING OPPORTUNITY FOR INVESTORS 


* SPANISH PRIVATE. BANK sells 5 BUILDINGS (almost flubbed) 
oonsgring cf : APARTMENTS, COMMERCIAL PREMISES and 
GARAGE SPACES. ^ 

* -Ideal for. .APART-HOTEL, HOTEL, TIME-SHARING, LIVING 
QUARTERS, SHOPPING CENTER, ac. 

* Located in the “HEART OF MAREELLA” 

Special features: Air eonditioaiag (central coaHng /htwring) , swiuauiag 
pad. parking. 

.* ASSURED SUCCESS OF THE INVESTMENT far tlKCritytbat 
zesdis per unit s - o r for letting (guaranteed rentability). 

WE ONLY SELL WHOLE KMIMNGS - ONF. OR SEVraAT. 
Info rmation: REPASA &A. - TeL (9S» 77 68 00 

C/. Vstoatmana s/h. - Mririh (MflapQ Sprfn 


•: ^ ■s±~ >yf 



YILLARS S/OLLON-SWrraERLAND 

THE “ FOUR SEASONS " RESORT Of THE SWISS ALPS 

Only 25 minutas from Manrrau*. 40 minutes from Lausanna 
and 1 hour TO minutas from Geneva (Intercontinental Airport/ 

Now you can became an OWNER of a freehold property entered in 
tne Land Register in the moat elegant resort hotel 


The-only way of taring u owtrat teSwtaarfaod witK 
NO- MAINTENANCE CHARGE 

■Witli ONLY Fm-50,000 of own capltaf, you can already be an owner 
of one unit which, bring managed by the 

r* i CONCORDS GROUP OF HOTELS 

trl 

ta tire gauge of jncreeaing value and rents biftey 
Good Financing FoeribiUtiBS 

Taka tha opportunity to hava a look at our full documentation and 
ask for information directly from tha builder. ' 

SOCORA — Av. due L&nan 37, 1005 LAUSANNE 
lei: IOIO^n- 21 ) 20.S0.C7 - Telex: 38164 *TR CH 


RESIDENTIAL 

PROPERTY 

ADVERTISING 

APPEARS EVERY 
SATURDAY AND 
WEDNESDAY 
RATE £20 p.s.c. 0 . 

Contact 

ANDREW WOOD 
01-248 8000 
Ext 4196 



Kefhncott House, HaaimeramHh, London, W6, 
home in 1878 for 18 years of writer, dengner and 
cr a f t s man William Morris, for sdUt on a 58 year 




.L. £ 



^ .C 



fuff repairing lease on offeni 7n tiie region of* ' 
CUXLOOO by tender on Thursday through Tim 
jxcfcson-Stops, Jackson-Stopa & Staff, M Cuneon 
Street. London, WX 42M V 


■ >. vp-.. 

.v. . , s- v ^ 



• 

^ . WX&Sty ' '■ 


. ;■ 
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A . /Wc - 

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The Studio, Gerald Road, London, SW1, fully, 
restored fanner home of Sir Nod Coward 
where the oak-beamed sitting-room incorporates a' 
stage where many famous theatre people 
rehearsed. The 5 bedroom, 5 bathroom house is 




for sale dbmplete with contents, for offer* around,-. . ’■ 
£995,000 through Mkhaef Barrington, Ayksfordr 
440 Kings Road, SW10, Tim STmond. Mistral. N " f 

Blenheim House, BormaH Street, SW3, and Sbnofi 1:- - - 

Marks, 31/39 Camden Road, NWL 


Ahesfcu) overseas for MARBELLA 

far all types of property. Repsraadiiwsfari see fat below 

MafbdaCUfjiidinesikiasGcicndiina^PueriDdebDugcBi^ ■' - - 

Ala^a ^kRB^fad^AktaGciSCahlwxW^a^fcs/ScfcB»Ixh , r - \ 

13 Paik Hao:. St&iresS Street, London 5WIA 1LP. BephaifcCI^09 iZ33.Tefec S92&5IPAKK ' 
Rqatseailative inMafadla: Awenkfa Rjcanb Soriano L Capiid Building, Ivkd^.'ifephcriel^ 


SWITZERLAND APARTMENTS 

AMPAGNE offer lovely quality apertmante. 
Lake Geneva and surrounding mountains, 
to four bedrootna .with unique penthauaes.- 
ra. Prices from ES^OO. only 10% down payment 
at favourable internee rates. 

BE IN LONDON ' 
IM* THURSDAY, 

1st ■ 





firs™ 


Hellboty /or Ihie concierge prior .to MrH«IU»ra r a 
B363 for an appaiminatTt wjtjtout ahy.abllgatian 


Developer GLOBE PLAN SJL 
AV. MON, REPOS 24 
CH-100S LAUSANNE, SWITZERLAND 
TELs. 21-2235-12 TELEX: 25185 r ’ 


HOUSTON, TEXAS 
INVESTMENT 

153 Unit Garden Apartment \ 
Complex 

Delux on B.5, acres. 2 swimming 
. pools. Top residential village. 1$ 
■year owner, financing- Positive c#«h 
flow with 25% caan down... Total 
pdea S5.T million.. Alao Other Texas 
or CelWomla rail eetete Invost- 

mant. •• y 

Cell owner: UK fOZ73) 7Z37S4 
France (after latM 1^87 j83J8 
-USA (714); Z31-B777- - 
or virka:. . 

Mefrojr Investments hie, 

860 Fifth Avenbh. Suite Klfi 
San.D4ego,~ CaflfbmiB 92103 


PUERTO de ia EHIQUCIVI 

W COSm-DELSGL 




a 4-stai; hrxrny hotel in a most exclusive Swiss 

ftiaBcediesidential devefeyment and one of the 

finest mamas on the Costa del Soi^ ^bur suite be ; 

&IfyiiafatamedaDdf&yoiirstoenioyfor4w^ksayean l 

'Sour investmentearns even more income wife a - 

12 month 3easebackto the hotelmanagernenL 

Fre^ald apartments, s&idios aBdjbjeadfrillas, aUbmltto an 


[TTT^V ♦ ~ ^ e jl iT7T777yT7TT7Tt -t! n t£>r2 1 


iTie 


im 


— llmonfas oftcouble free profit 

— 4 weeks oflimuy living 

These ekgant fiiOy finroshed so&es (witiaunder- 




SendfirbmchmeoyiefoniiQgtiieanqxmto /^v 

Paertodek3>iqiKs^\^ House, 4ITbrtsraoi3lh. **9?: 

Roa4Cbbhaip,SuiTeyKTlllJQ^Engfand. “ ' 



5J® 5 * 51 












__ Financial Times Saturday October 23 1982 ’%'/ irr -'''r*-?--**; Lv-v 7-- '—4 •••'•> ' ■ ■ ■ 





- 1 

: .• • tu i- i e. 

■ • 

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■ 


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5 1 

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TRAVEL 


MOTORING 


V ? ->'r v?? s i 


BY SYLVIE NICKEL'S 

THREE YEAaS ago we stood on - - 

tfc/e banks of the Danube at Ulra X^fOlQ CRQOeing 
facing at last the awesome pros- +_ i _ • > 

pect that, after montbs of . plan- TO Q0"lt-Y01irSCJl 

ning, we were about to embark , 

on a .2,580 km canoe Journey TO ail-laid-OTI 

down to the Black Sea. >Tell f we , *9*'+ 

did it and that Is a long, Other Ihyittv miicpp 

atory. But it confirmed .my AUALUy LlUidCb, 

belief that rivers provide as THirrnnp 3 c -riv/orn 
dependable a theme as any for -EfUll/pC a llVClo 
anyone seeking the historic, the Uir,,,.* 4 -~ 

scenic, - “ the. cultural and liaVe HlUGll lO 
certainly the vm expected. ££ 

•.* To remain for a moment with • OttCr 
the -Danube, ' there are many ■ • 

shore: ways of travelling its river through its delta. It does, 
*^ D ^ cen 5fc- however, presuppcfee a certain 
^h^ e nhiw.^ er r' tIus . perseverance as advance 

Cf l^ maS l 10 ^ 0 - information, on timetables on the 
C° u “ tae s held a i 0W e r Danube Is hard’ to come 
workshop in London to draw by, and fliHng the intervening 
attention to some of then. The gaps as well as crossing the 
comgdssion sm.is to promote borders requires familiarity 
tite hRge tounst potential of the with the very varying formaii- 
**&<>** ****** . «f ties for each country, 
f^htatmg its enjoyment as a River .transport on the highly 
whole rather than piecemeal — - popular if shorter Rhine is 
un ^5 rta ^ given ttie JX&d of such probfeiM and 
am * • tempecwnentaL there are many permutations 
variety represented by the seven conAiiuw water wd land 
. arontries. (plus the Soviet travel Rhine ctnises, teo> can 

S at th TZZZ its a S°, re8 - *** 

u ™ e are mountain stays such as Switzer- 

y established^ notably the cruises , 

4 which_begin at Vienna or even. 

Bassau and follow .the entire -5E?!**. . 

^u'rtn *k-: hi ~o - *ruise watfi a week in a Swiss 


river to the Black Sea. many of 
them continuing across it to 


resort. It win, incidentally, be 
an interesting day if and when 


-Istanbul. The first river steamer 
was launched by the Austrian 
company DDSG (founded, 

JncWentally, by two British “** ofJJnkmg these great river 
engineers) way back in 1830. *££ 

Ironically they are one of the .22T25L *2* SlJS 
smallest Danube operators nowa- 

days outside Austria’s borders, ^ nl ^ ry B ® va ^ a 

tK lion's ^are going totEe the firat actaaMy to fr s o m the 
Soviet Danube Steamship Line J?® 1 * Ia **“ 1 ** e«*oira4>- 
whose fleet off sleek white 4n ®’ *® ^ y others, to 

vessels, usually packed with *2™**®““°*; “* railways. 

American or West European present undertaking is on a 
passengers, are a familiar part of Je^ogzcaMy nwasive scale. 


-the Danube summer scene. 
.Navrom Romanian River 


but the current hiccup in its 
final stages reflects unease 


Navigation have several pas- t ^ un shortage of 

senger dijps; too. and a. rather know-how, or its completion will 
•new idea marketed by Saga open up unprecedented oppor- 
Holidays (for the over-60s) is tumties for direct competition 
the combination of a Damdre between the inlands fleets of 
cruise with a few days in a an< * Yfest. 

Romanian mountain resort In Elsewhere in Europe totaMy 
addition to the cruise ships, different waterways- holidays 
regular passenger services ply offered by fleets .of motor 
' extensive stretches of the river, vessels of all kinds. In Prance. 
Using these, you can travel from nw jor operators such as Slakes 
as far upstream a s Regensburg and Hoseasens can fix you. up 
in Germany, via Passau and on with a cabin cruiser in any one 
to Vienna, there picking up the °f about a dozen centres rang- 
Vienna - Bratislava - Budapest *ng from the Canal du Midi to 


hydrofoil schedules. 


Burgundy or Brittany. 


Belgrade to the majestic Iron canals of Burgundy especially 
Gates in the Carpathians is also provide a popular setting for 
covered by regular hydrofoils as hotel-barge cruises by a number 
is the whole of the Bulgarian of smaller operators., with a 
Danube. local passenger boats distinct emphasis on gasbro- 
link most of the Romanian nomy. These kind} of venture 
Danube communities, even offer- are necessarily on canal waters 


Ing a choice of routes once you or slow moving' rivers. - 


reach the multiple arms of the 

P Banatl”*! 
I MuHj-Ownership I 
j & Hotete Limited I 

jErttalas NoJ Timeshafe Dcvdopes I 

IQFFERyO U^SIEBa ^ I 

|FREE 


something- 


swifter .and more active, the 
canoeing.' possibilities for all 
levels of - experience are 
innumerable. On the Dordogne,' 
for example, canoes and kayaks 
can be rented for hours or days, 
usually (and preferably) pore- 
ceded by a test or preliminary 
instruction. . - Rental companies' 
operate stations spaced out 
along the river' from, which 
transport as provided hack to 
your starting point 

Perhaps ' the -most unusual 
river travel offers come from 
opposite ends of Europe, both 
involving rafts and camping.. 
. The first Ss arranged ■ on the 
Tara river in Yugoslavia's 
Montenegro -through, some’ 

ferociously grand scenery, with 
everything done for yon. The 
second as~ a do-it-yourself enter- 
prise on the much gentler 
xneanderings of RlaxSlven. river 
in -Sweden, and in this , case you 
actually construct your own raft 
(with suitable guidance) as 
well. More conventional water- 
ways cruises ere also avaahride 
m Sweden. 

Finally, a suggestion from 
eastern Finland- One- Or two- 
week flotilla lake safaris are. 
now -arranged 'including . for 
those without previous experi- 
ence. In a loose convoy ” of 
half a dozen small yachts on 
which participants sleep and 
self cater,, and accompanied by 
a . service boat, you travel 
through tome of the interlinked 
lakes .which make up the 
incredibly beautiful island- 
studded expanses of Europe's 
largest lake system, Saimaa. 

Further information on 
river-holiday operators and 
regular services from the 
countries concerned: Austrian 
National Tourist Office, 30, 

St George Street London 
WIR 9FA; Bulgarian National 1 
Tourist Office. 126, R egen t ; ' 
Street London WIR 5FE; 
Czechoslovak Travel- Bureau, 
17-18, Old Bond Street 
London W1X 3DA; Finnish 
Tourist Board, 66-68, . Hay- 
market. London SW1Y 4RF; 
French Government Tourist 
Office, 178, neeadilly, London 
W1V OAL; German. National 
Tourist Office, 61, Conduit 
Street London Wl; Hungary: 
Danube Travel,. 6, Conduit 
Street London WIR 9TG; 
Romanian National ‘Tourist 
Office, 98-99. Jermyn Street, 
London SW1; Swedish 
National TonriSt Office, 3, 
Cork Street London W1X 
1HA; Swiss National Tourist 
Office. L New Coventry 
Street London W1V 3HG; 
Yugoslav National Tourist 
Office, 143,' Regent Street 
London W1R 8AE, - 



• ■y.-J.L'.if. .iVi 

Top, 1 to n Toyota’s Tarcal, Austin’s Motra Van, The Colt Tredfck Bottom: TaJboft ragtop Samba, Aston Martin Tkkford, ford’s Escort RSI 600, 

Evenfulter shop window at the motor show 


BY STUART MARSHALL 


HOTELS 




HOTEL METROPOLE GENEVE 

***** 


jli MESH ARE 'BIBLE - 

I All THE FACTS. QUESTIONS & ANSWERS J 
j INFLATION raOOF H0UDAYS-F0REVEBI j 
1 Own a MiHionaira riaas Holiday Homo I 

I on run mouodusivn males in Scotland i 
and Wales (or an mvosment from £1350 | 
I H> K, cju' i ■'jtt Pr40\S - lor fllGF n!aut Book I 

‘ BamaalUMwavibb & HoWs LU j 
6 Half Moon SL London WTY7RA | 

j O 01-629 2731 rXfirttrviaO ■ 
i/ ❖ Visit our new show 
j y lodge in London! j j 

|_ Cut this ouUor rtetemnee! mI 

COMPANY 

NOTICES 


MINERALS AND RESOURCES 
CORPORATION LIMITED 

(Incorooratcd In Barmixta) 


NOTICE or 

ANNUAL GENERAL MEETING 

NOTICE IS HEREBY GIVEN Ulat the 
fi*tt-tltlr<f annual oeneral niMtlAB ot 
aharcholdcrt of MineraJc and RoMHircM 
Ceroorauon Limited will be ncHi M 
Elbow Beach Hotel. Ft sin. Bermuda 
at 091*30 on Mondav, December 6. 
1982 lor tiw tonowmo baiinMi. 

1. To consider the hnanelaJ atatementi 
and nc reports ol thu directors and 
auditor* tor tho voar to Jul>» SO. 
1062- 

2. To elect director*. 

3 . To roaoeoinc OataMM HaiWnt A 
Sells as auditors and to UN Hwtr 
rcrminentiofi. 

a shareholder entitled to attend and 
rate at the mcetlno A entmod M 
spoo'nt another ahnreholdcr aa ww i 
n attend and, on a noil, so vote 
Instead of the thantholder. 

Homm of share watraiti to beerar 
trho wish to attend in Oman or by 
proxy or to «ote at any general meet- 
lag of Minorca mutt comply mitt the 
resolutions ol Mlnereo under which 
snare warrant* to bearer are baited. 
TVsr regulations are obtainable from 
the head once or Mlnorco and the 
UK transfer Mxmts. 

By order or the board of director*. 

D. E. FISHER. 
Secretary end Treasurer. 
Pembroke. Bermuda. 

October 22. 1 HZ- 


CLASSIFIED 

ADVERTISEMENT 

RATES 








tr- 


ill fiie heart of the city, on the left bank, fading 
the lake and the park. This elegant and exclusive 
hotel which was first built in 1854, is proudly 
announcing its reopening InNoveraber 1982 after 
having been completely restored. 

- 750J?ooms and Suites * Resta urant Francois 
• Salon de th& and CqgeeShop • BanquetRooms 

Far Information Contact 
Andre W. Hauri, General Manager 
PjO. Bok 500, CH 12H Geneva 3, Switzerland 
TeL (02^211344 Telex 421 550 met 


DISCOUNTED Alft TRAVEL 
From the old' established broker, 
a. [counted scheduled flight*, all 
classes, most intercontinental 
routes. HONG KONG A FAR EAST 
from £420 return, JO' BURG from 
£475 return. 

iWBgwelS& a 

ThtwarK it rero/aa’-. ^^373351 


PERSONAL 



Per 

tee 

Single 

column 

cm 


£ 

£ 

Ccnnercidi & industntl 
Property 

ECO 

27.50 

RPflidenlial Property 

6.00 

20.00 

AflpXlBWMTI 

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29.00 

Buo in***. liww&MAt 
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8.50 

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2000 

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Book PubKshera 

— nei <2.00 


Pidmbnn positions aveftkble 
(Mnrlmuin mia 30 columa am} 

EG. 00 per » Ingle celumn cm Mtm 
For tontm dramUt wr ire 

Classified Advertisement 
Manager 
Financial Times 
10, Cannon Street* EC4P 4BY 


BURNS HOTEL. B*r_kSton Gdn ^, 5.W 3— 
Near Earls Court Tube. ISO Room* with 
private- bath A toilet, radio * colour 
TV. Two lifts. . bar. raaurairt- S*nWe* 
LIB. twin doutdes £36. , Eyollsh teyak- 
last, service. VAT Included. Phono 
o“*7Sai5f or 01.373 7»n. 


TRAVEL 
ADVERTISING 
appears every 
Saturday and 
Wednesday 


EDUCATIONAL 


— - — The most rfi /70 wmed school for Freneb 

THE INSTITUTE DE FRANGAIS 

Overlooking the Riviera's most beautiful bay 

MAKES LEARNING FRENCH 

A WONDERFUL & UNIQUE EXPERIENCE 

Next *.ympfc all-day Immersion programnwa start Oct 25. Nov 22 & all yaw 
• LODGING in PRIVATE APTS. AND 2 MEALS INCLUDE) 

For adults. 6 levels: from beginner I to advanced II 
Ymvn at nweardr A eaperfence in the effective uaehmg of French to adults 

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3M Av. OMrtd-Ldfilsre, 06230 VILLEFRANCHE-S/RER - Tol: (93) BOSSJ1 


HAMLEY-S CHRISTMAS CATALOGUE 124. 
colourful pages. 900 gilt* iron Toe 
World's Largest Toy SHOP- SOp. Collect 
or write Deot. 478. Hamley's. Resent 
Street. London, Wl. 

18-CARAT Gold and Diamond, Necklace. 
Box-style pendant with diamond-set 
heart. Valuation £500. Wiir accept £225 
or very nur otter. Tel- 01-350 5028. 

LIFE 15 TOO SHORT — Even If you can 
never acoompUsh ell you would wtefa. 
you e» ensure that your concern lor 
the elderly still remains unohnmed after 
your own Hfettme- Leave a living leeacy 
and leave It in good hand*. Methodist 
Heme* tor the Aged, n. Tutton St-. 
Westminster, London, swip SOD. 


THE WORLD- may be falling 
about the motor industry’s ears 
but visitors .to .the British 
Motor - Show at the National 
Exhibition Centre, BlnnJpgbaiB, 
would never guess it as jhey 
waiked around the stands; 

There are new models galore. 
Ford's Sierra -and Audi's new 
106 are making their British 
show debut though- both were 
seen at fhe Paris salon d’auttb 
mobile a couple of weeks ago. 
BL field back their MG Metro 
Turbo and Rover Vitesse for 
Birmingham. Jagbars with 
’• revised interiors, titoogh not yet 
the new six-cylinder engine, and 
at the other extreme, a Metro 
delivery van. among new 
British models displayed. 

* For the sake of convenience, 

■ I will group new cars to be seen 

at Birmingham's British, main- 
land European and Far Eastern, ' 
even though it is bending the 
troth -a littie to describe a 
German-made Ford Granada as 
British. And Volvo, though 
.mamfetoly ^Swedish, buy £150m 
worth : of British materials and 
components to build into their 
vehicles each year. I do hope 
the trades unionists who are 
going to ban “foreign” cars 
froem entering certain, factory 
parking lots really know what 
they are doing. 

• The Metro Van, carpeted in 
the front and with a lift up tail- 
gate, is perhaps more of a blind 
hatchback with windows 
omitted than a real van but it 
is roomy and doesn’t have those 
rattling back doors of the Mini ' 
van. At £3,211 upwards k-loofcs- 
fair Taltre: ~ The* MG — Metro 


★* * * A A *** A A * A A A A A * 
J So ManyCurioBsPleasnres J 
5 -bents Nonbn J 

+ firifiii copy of Thig.viiov aref * 
Bmrainjng my on Plw tr^rutiw 
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SAUDI ARABIAN 
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.Tol: 01-221 3498 - Tglax: 8953287 


TOKYO- Osaka. Seoul. Taipei and Far East. 
WldP'choireol discount flights. Brochure. 
Japan Sen-lean Travel, 01-437 5703. 


Turbo, the third tiny turbo to 
. appear this year (the others are 
the Renault 5 Gordim and Colt 
1400) is keenly priced at £5,650, 
which includes 60. series ultra 
low profile tyres, the first to be 
fitted as standard on a British 
car of this price class. 

If the Turbo, which I haven't 
driven yet, proves to be an 
improvement on the MG Metro, 
it will be a very good small car 
indeed. The Rover Vitesse is 
a ' fuel injected and thus 
warmed-up 3500, fully equipped 
with sporty extras Mfce ultra low 
profile tyres. Its top. speed is 
135 mph and its price (£14.950) 
brings it into conflict with the 
XJ63.4 at the bottom of -the 
Jaguar range. 

Sierra apart, Ford are show- 
ing a new, high-performance 
version of the Escort, the fuel- 
tojected RS lBOOi, with a 
. 115 hhp engine and 118 mph 
marimum speed. At least 5,000 
will be built, niaiudy for motor 
sport enthusiasts. Another hot 
Ford is on- the Aston Martin 
Tickford stand.- Thm is a heavily 
modified Capri 2.8i, turbo-' 
charged for a 140 mph-plus 
Tna-grirr^ mi , famished with 
leather, walnut veneer and 
Wilton carpet and priced at 
about £14,000, which makes it 
an .excedhasly costly Ford but 
ft cheap substitute for Aston 
Martin’s own aged, though still 
very potent, V8. 

Vauxhall, whose CavaMer has 
been one off the success stories 
off 1982, show - two more 
variants — tire U8L SRi and 
4800 CD. Bo til have fuel-injected 
engines and are good for 


J TAKETIME OFF IN * 

i Brussels, Bruges J 
i Luxembourg J 

J Individual HoBdeys * 

-»c TllffiOFFLTD,2BCh8*t*rCJoB%3f 
*K London SVTOC 7fla 0M35 8070 * 


114 mph. With performance and 
refinement they should appeal 
to the sporti n g-cum-executive 
market. Also new from Vaushall 
are a number of Carlton 2.3 
litre saloons and estates with 
styhng charges — including 
diesels formerly sold only, as 
Ope Is — and a tower priced 
(£6.496) Carlton with . a 
1,796 cc engine that lets it 
scrape under the 1.8 litre 
company car tax threshold. 

Sadly,- .two off tire most 
Interesting newcomers at Paris 
we not being shown in 
Birmingham. The GitroSn BX 
will not be marketed in Britain 
for tire best part of a year; the 
Opei Coraa is due to go on sale 
here in the spring of 1983. But 
Fiafs higher specification 
Panda, with black external. trim 
and fancier seating, is exhibited 
and so are several Peugeot and 
Talbot cars which have not 
been sold here before. Among 
then are the little Talbot Samba 
convertible, a cut-price com- 
petitor for- the Volkswagen Golf 
convertible; the Peugeot 505 
Turbo diesel saloon, a 100 mph 
five-seater with luxury interior 
and small car’s fuel thirst; and 
tire new Talbot Horizon 
1:9 Hire diesel The Horizon, 
with a five-speed gearbox, is 
claimed to outrank the 
Renault 18 as tire diesel with 
the best power/weight ratio. As 
I discovered last week, it is a 
lively performer but I think the 
Peugeot 805, winch is due to 
get the same engine and trans- 
mission quite soon,.. 1 wilL.be a 
nicer car. 


Among tire novelties are a 
special convertible based on tire 
BMW B35CSi. with a glass top 
that furls itself at the touch of 
a button; and an up-market, 
go-f aster Vauxhall Astra modi- 
fied by Ogle Design. They see 
it selling in small numbers at 
just under £10,000. 

All the Japanese makers have 
something new to set- before 
show-goers. Colt's Cordis and 
Tredia are three-door hatch- 
back and four-door saloon ver- 
sions of a front-wheel-drive 
model that owes much to the 
well-established 1400, with its 
twin- range, power or economy, 
manual transmission. Turbo- 
charged- engines and automatic 
transmission are available in 
these cars, which are destined 
to replace all. tire .Lancers ex- 
cept the ‘Miti-e Turbo. ' - 

Honda's striking City ultra- 
compact car is on show but not 
yet for -sale in Britain. Mazda, 
too, has- brought its Bertone- 
designed MX SI prototype over 
just to be looked at 

Nissan’s Prairie, a half-way 
house between a van-type per- 
sonnel carrier ' and an estate 
car, is~~8ald to give minibus 
accommodation with ' normal 
saloon car handling. It could 
be a booh to the parents of large 
families, and goes on sale here 
next spring. The -Sahara 4WD 
two- or four-wheel -drive estate 
will- soon be available with auto- 
matic transmission at much less 
than half the price of the two- 
pedal Range Rover. 

The ^Toyota Tercel, on sale 
in Europe for - several years and 
now, with many improvements. 


on the British market. Is the 
world's second largest maker's 
first front-drive car. The engine 
is fore-and-aft with the trans- 
mission underneath, an ideal 
sei-up for Subaru-rype occa- 
sional four-wheel drive. The 
front-drive-only Tercel rides 
belter than most Japanese small 
cars and costs between £4,562 
and £4.967. This refined family 
hatch will be joined by the 
on/off-road 4x4 estate next year. 
The Toyota Camry, a big inside, 
small outside dual-purpose 
eight-sea ter without bonnet or 
boot, will arrive at the same 
time . 

I shall be looking at trends 
revealed at the show next week. 

The show is open until tomor- 
row week, Octohcr 31. Admis- 
sion is £2.50; there is ample 
parking, though, paradoxically, 
the most convenient way of 
getting there is by train — if you 
-can afford it. You step straight 
from the station into the show. 

THE SECOND “ Friends of 
the diesel car” list of filling 
stations were Dcrv is sold at 
realistic prices is now avail- 
able to any reader who sends a 
stamped. self - addressed 
envelope to this column. My 
thanks to everyone who wrote 
in with details of good fill- 
ups for diesel carmen — there 
were far too many letters for 
me to be able to reply 
individually. 

But please keep up the good 
work. The second list has 
three times as many locations 
as the first. The third, given 
your help, could maintain this 
rate of growth. 


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10 


Financial' Maes'fiSfejWay : Ge*o^?23' 1982 


books 


Real Mitterrand 


by ROBERT MAUTHNER 


Wheat and the Chaff: 
The personal diaries of the 
President of France, 
1971-1978 

by Francois Mitterrand, Welden- 
fald and -Ni col son. £12.50. 284 
Pages 

If Francois Mitterrand, the 
President oE France, had not 
spent so much of his time and 
energy being a politician, he 
could weir hive become a full- 
tame writer. That much is de<u: 
from the elegantly and sen- 
sitively written pages of his 
diaries for the so-called “ wilder- 
ness years" — fee period from 
1971 to 197S which saw The 
. renaissance of the French left 
under bis leadership, .despite 
.two brutal, if temporary set- 
backs. ' 

As the author points out in his 
. preface, these are not memoirs, 
but jottings on any subject or 
event which takes his fancy, 
.** depending on my mood and tbe 
time of day." They are thus 
inevitably disjointed and 
esoteric, particularly for the 
non-French reader. 

But anyone with a genuine 
interest in the politics, litera- 
'ture' and daily life of France, 

. should find the selection pub- 
lished in English under the title 
The Wheat arid the Chaff (a 
condensation of two separate 
volumes in French! both 
rewarding and fascinating. For 
it provides an insight into the 
personality of the French Presi- 
dent which is very unlike the 
portrait usually painted of him. 

The wily and opportunist 
politician of Mitterrand's early 
years is not to be found in these 
diaries. By the time they start, 
Francois Mitterrand, who came 
late to Socialism, is firmly set 
on his political course and his 
judgments display an admirable 
maturity and tolerance. ' 

Those who have laughed or 
winced at his sarcastic sallies 


at public meetings, television 
interviews or press conferences, 
will be surprised at the depth 
of understanding and 
generosity tows rds his oppo- 
nents of which he Is capable. 

In spite of his fierce opposi- 
tion to General de Gaulle and 
his policies and the defeat he 
suffered at the General's hands 
in the 1965 presidential elec- 
tion. Francois Mitterrand fully 
recognises the immense impor- 
tance of his rival in the history 
of France. The two men did, 
after all, fight for the same 
cause after ihe collapse of their 
country in 1940. though de 
Gaulle did so as the leader of 
the Free French forces in 
London, while Mitterrand was a- 
prominent member of the in- 
■ ternal French resistance. 

What he does not accept is-de 
Gaulle's elevation to some god-, 
like status and supreme arbiter 
of events: 

" An .important leader- arrives 
on the scene and everything 
begins and ends with him," 
[Mitterrand writesj. “ A 
dubious over-simplification 
that obviates the necessity of 
seeking out the real laws 
which make human society 
move and change. I believe 
in the importance of de 
Gaulle, not in his necessity. 
A given situation produced 
him, not the opposite. Pre- 
destination is not part of his- 
tory. Taken even further, no 
people needs anyone to be- 
come what it is.” 

Even in the case of former 
President Giscard d'Estaing, 
vyho narrowly defeated Mitter- 
rand' 'in The 1974 presidential 
election only to have the tables- 
turned on him seven years 
later. M Mitterrand has some 
good, things to say. VI admire.. 
Giscard’s gifts, his speaking 
ability, the vigour of his am- 
bition.” - 

Yet his basic view of Giscard 
Is of a man without a grand 


design, devoid of the architec- 
tural qualities which make up 
a great statesman. 

"If he is elected." [Mitter- 
rand wrote before the 1974 
Presidential election] “ Gis- 
card will be capable of accom- 
plishing many fine things.^ If 
I am elected. I will change 
the course of things, and 
therefore the life of my con- 
temporaries.” 

For the better or -for the 
worse ? — that remains the big 
question which the present 
President of the Republic has 
not yet- had -time to answer in 
practice. 

It is not only leading French 
figures who are analysed in this 
. way. The famous who pass 
through M Mitterrand's gallery 
-and whom he counts as his 
friends are impressive. They 
include Mao Tse Tung, Mrs' 
‘ Golda Neir. Salvador Allende, 
Henry Kissinger, Fidel Castro. 
Leonid Brezhnev and, in the 
world of arts and -letters, 
Gabriel Garcia Marquez, Mikas 
Theodorakis. and countless 
French writers and journalists. 
For those he likes and respects 
he shows a quite unusual de-' 
gree of- -indulgence, affection 
and loyalty. 

But when all is said and done, 
it is the passages which bear 
witness to Francois Mitterrand's 
love of nature, the Charente 
countryside of his childhood 
and that of his adopted Morvan 
in northern Burgundy, which 
astonish and captivate the 
reader most. When Mitterrand 
describes the streams and trees 
of the Charente. the forests of 
..the Landes, where he has a' 
country nouse, the night skies 
and the uirds which he loves, 
one is in the presence of more 
than just an ambitious politi- 
cian. A man with such deep 
inner resources will certainly 
hot be at a loss when he finally 
leaves the political stage. ' 



J. Pour B£tablir Une_Vdrit6. 

by Georges Pompidou. Fiam- 
marion, 65 francs. 294 pages 


In short— Eton and Borstal 


An English Education: A 
Perspective of Eton 
by Richard Oilard. Collins. £6.95. 
216 pages 

The first thing to be said 
about Mr Oilard is that he 
writes extremely well. At 
times- bis style verges on the 


flowery, or even the floury, but 
at no point is the reader in 
any doubt that the author 
manipulates the English 
language with considerable 
subtlety, range and pleasure. 

He has employed this style 
. to write an impressionistic 
history of Britain's most 
famous public school. Now 


If learning about 
stockmarket investment 
was as simple as ABC you 
wouldn’t need this book! 

Between May 1981 and March 1982 the Investors Chronicle. 
published a series of articles under the heading 
‘Beginners' Guide to the Stockmarket! 

Some of these articles were jater collated and sold in 
booklet form. Now, in response to extraordinary demand, 
the whoie series is being made available to the genera] 
public in book form. 

The book Is called Investing for Beginners. It analyses 
the basic principles of stockmarket investment discusses 
the different categories of quoted investment, examines a 
whole range of related essentials such as interpretation of 
company accounts and gives ah up^to-date review of the ■ 
new capital gains tax rules. • 

Jn short it is a complete guide to its subject . 

Investing for Beginners is written by Daniel O'Shea, a " 
former assistant editor of Investors Chronicle, now ai 
director of M&G Investment Management Limited. 

As a result, it is unusually practical as well as 
authoritative, thoroughly up-dated and comprehensive. 

An Ideal guide for people new to the stockmarket, 
Investing for Beginners should also prove valuable to 
experts who wish to refresh their ideason basic aspects of 
the subject 

Investing for Begfnnerscosts £6.50 (plus p&p).To 
orderyour copy now simply fill in the coupon below. 

You’ll agree it's worth every penny. 

Published November.15,1982. 

THE F1NANC1ALT1MES BUSINESS PUBLISHING LIMITED 

7 d: Marketing Dept, FTnanctalTImes Business Publishing, 

Gmystoke Place, Fetter Lane, London EGfAINB. 
please note payment most accompany order. . 

please sand me copy/copies of Investing for Beginners 

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there are essentially two kinds 
of books about schools: those 
by outsiders and those by m- 
siders. Mr Oilard is par 
excellence an insider, not 
merely an Etonian, but an Eton 
scholar, the product of a 
classical education which no 
doubt has something to do with 
his skill as an English stylist 
-As- one might - expect, his 
history concentrates on the 
golden age of the public school 
system, from the headmaster- 
ship of the notorious John 
Keate at the beginning of the 
nineteenth century, up to- the 
time when Oilard was himself 
:in- College, in the years imme- 
diately leading up to :the out- 
break of World War 117 But as 
suggested by the title of the 
opening chapter, '■*. The Idea of 
Eton,” and that of the penulti- 
mate chapter. "Style of Life” 
Mr Oilard has not set out to 
provide a mainly factual narra- 
tive, but rather to try to convey 
a sense of what Eton, was like 
as a place, as an institution, and 
as an experience, at various 
moments of its history. ' 

This is an ambitious enter- 
prise, but one in which he has 
largely succeeded:' it rings true, [ 
up to a point. Yet I fear that 
in the last analysis the total 
picture is too overlaid with the 
russet patina of piety, or worse, 
of nostalgia. Mr Guard’s book 
is less about the "perspective” 
than about the “ idea " of Eton. 

. IAN DAVIDSON 


Thomas. Keneally, shortly .after he learned he was £10,000 richer 
through the award to the book reviewed below 

Booker winner 


BY GAY FIRTH 


Schindler’s Ark 

•by Thomas Keneally. H odder 

and Stoughton.- £7.95; 432 pages 


VI have attempted to avoid ail 
fiction, since fiction- would de- 
base the • recurd." Thomas 
KeneaHy, author of 16 novels, 
nominated three times before 
for the Booker McConnell Prize,- 
has won Britain's most import- 
ant fiction award this year for a 
documentary: a piece . of 

"faction.’’ 5chmdler's Ark 
makes painful, powerful read- 
ing. - • • • 

Here is a novelist using -his 
craft to re-create, rather than 
invent, "characters and actions 
credibly representative of real 
life in continuous plot" — as Ox- 
ford dictionaries - determinedly 
define a novel. But the book 
adds the detective skills of a 
serious historian to the “tex- 
tures and devices" of fiction. It 
is the story of Oskar Schindler, 
the German- industrialist who 
salvaged the lives of several 
hundreds of Jews, enslaved wor- 
kers in his factory in Poland, 
during the war. 

Mr Keneally acknowledges 
help from 50 Schindler bene- 
ficiaries, survivors of the 
Holocaust now scattered across 
the world, in reconstructing 
personalities and events in 
Cracow and Auschwitz. We need 
have, few doubts that 1 the 
chronicle is correct so far as It 
goes. Where it does not go — 
and this is what makes the hook 
a less capricious choice by the 
Booker judges than might at 
first he supposed-^-is - into “fee" 
question of why Schindler made 
the choices, took the . decisions, 
and ran the risks : he. did. 
Ambiguity, in this book, speaks 


for itself. Deliberately, Mr : 
Keneally has resisted what must 
have seemed, a potent .tempta- 
tion. . "... ..... 

. Why did . this ; swaggering, 
convivial, . womanising .wheeler- 
dealer — who joined tee Abwehr 
intelligence to avoid; army ser-' 
vice, who . followed the' 
Wehrmacbt into Poland to set 
up a profitable -businessrinaking- 
shell-casings and army kitchen 
equipment on war contracts — 
summon his staff, when -Ger- 
many had been defeated.- and 
thank them for-* 1 helping me 
make a fooj of the system " ?- 

SchimUer is ubt presented as 
a hero. He- is no epic aberration 
in “ the; fairly predictable 
triumph -of malice oyer gpod” 
which, Mr Keneally. suggests 
is tee stuff of novels nowadays. 
Rather he - is - thoroughly, 
impossibly human; and there is 
no explaining that. Winkling 
Jews . out of death camps, 
accumulating them in - his 
factory, using tee' corrupt 
means which are tee only ones 
be knows, Schindler’s invest- 
ment for profit becomes invest- 
ment in life itself. There is an 
absolute moral .distinction 
between the two, but Schindler 
leaves it to us. So does Mr 
Keneally. 

He- has made a .moving, 
horrifying book; not -especially 
well-written. But it makes us 
•.review/, the- /pest, through tee 
person of one man and his 
choices, quite differently. The 
reader's personal present and 
choices come likewise under 
review. That is Mr Keneally’s 
achievementT' Pfbfesor ' John 
Carey and tee other judges, in 
their iTnpossible task, chose to 
recognise ft They are only] 
human, too; .. 7 . ’ 


Pompidou the Man 


BY ERIK DE MAUNY 


- "J- 5--- 


Amid the general hysteria 
which gripped the French poli- 
tical establishment during the 
student riots of 1968. Georges 
Pompidou stood out as a pillar 
of- calm, sanity and common 
sense. He was also the architect 
of the Grenelle Agreements, 
which finally dispelled the mias- 
ma of civil discord into which 
France had been drifting. 

But there is freque n tly a 
price to pay for keeping one’s 

whfrw a-H amnnit Hrp losing 

theirs, and Georges Pompidou 
paid itjby later becoming the 
I target "for an insidious cam- 
paign of -calumny and slander, 
condoned, if not inspired, by 
-several of those who had for- 
merly been his close colleagues, 
and who should haye known 
better. 

Looking back on the extra- 
ordinary events of May 1968, I 
• am: sure' I 1 mas not alone among 
Paris correspondents 'in finding 
■some .‘Of them extremely ob- 
scure at tee . time, not- least tee 
sodded disappearance - - of 
General de Gaulle, from tee 
-capital for anunknown destina- 
tion, which be' failed to reveal 
- either to his Prime Minister, M 
Pompidou, or to any. other mem- 
bers of the Cabinet But as the 
"General 'himself ‘later admitted 
that he had found tee situation 
•'tnsamsSabfe.” ' there was 
perhaps some excuse for our 
.confusion. • 

It was Pompidou who steered 


the counter out of > 
chaos and later led the; 
to' ah overwhelming electoral 
victory- In doing so, he stole, 
tbe General's thunder, a fact' 
which the latter plainly, found - 
it hard to swallow; hence tee 
alacrity with winch he' replaced ' 
Him with M Couve de Murvillel 

These brief but ‘ vfrrid . 
memoirs, Which - -Pompidou. . 
bequeathed to his wife and son, 
fall into four parts. In the. firm, 
be relates his modest begfet-~ v 
nings in tee Auvergne, as . tee 
son of primary school teachers 
of pe as a n t and sniaH shop- 
keeper origins; and there is. an 
ear$y passage which seems to 
me to ireveal fee true- Character 
of tee roam: 

Mon . pkre . et ma mire 
■appartenaient ■. profondAment 
de Ut face frangais*, dure au 
travail ,- dcorume,- croyant au 
m&rite, aux vertusde I'esprit, 
mix qvalitis du coeur. Je 

- n’ai pa& eu t me-enfance gdtie. 

■ Mais, si loth qne je remonte, 

je n’ai jegu que des I egohs de - 
droiture , d’fumnitet i et de 
" II en rest* 'tint jours 

- queUpte chose. -. - 

To the virtues ‘of- integrity, 
honesty and bird work could be 
addedjnoteer: teat fcf long and 
devoted loyalty to General de 
G anile, whose cabinet . .office- he 
joined in ; September 1944. It' 

. is • true test ihe did -mot- invari- 
ably . share tee GeneraFs- aims 
and objectives," be one e tidd -me, 
in' private' conversation, that be 
could not conceive of tee cre- 
ation a£ a dura ble Euro pean 
Community without the active 
par ti cip a t i on of Great Britain; 
and teds was long before hte 


tabcs *witix Edward Hearth in 

Paris opened tee door to British 
entry. But to tee end, he paid 
homage to tee General as tee 
man who bad saved France's 
honour and restored her to hear 
rightful •' plane . among tbe 
nations. 

These .memoirs end with 
Pompidou’s election to tee 
presidency. His traversde du 
desert, after ceasing to be 
Prime Munster, was marked by 
several unpleasant -episodes; 
notably the .smear campaign 
arising .oat of tee Markovic 
affair. In w 4rich an attempt was 
made to link his wife, Claude 
Pompidou, with, certain dis- 
repctoble elements of French 
society- - 

.. It . was .also marked by a 
certain naivety. It was surely 
naive . to suppose tear his 
remaric, made during a visit to 
Borne, teast if the General 
stepped down, he, Pompidou, 
would' probably be a candidate 
for. fee. presidency, would not 
create a political -uproar. 

- He himself dismissed it as 
a mdd; indiscretion; but Sft 
probably reflected a ' sub- 
conscious resentment at tee way 
tbe estabttshment .bad treated 
him-' -. '? • . . 

I last saw Pompidou in March 
1974, when be flew to Pitsunda, 
on fee Block Sea. for a meeting 
w&b President Brerimev. He 
died thre e weeks later, after a 
tang and -agonxsine . iHness 
which he bore, with admirable 
courage. But .then, Pompidou 
was an . admirable . man in so 
many ways. It is a pity there 
are . not more hike him on tee 
French political scene. 


Fiction 



BY - ADAM' MAR S-J ONES 


Her Victory-. • - - ' v- 
by Alan StDitoe- Granada, £8.95. 
590 pages ! - - 


Burning Leases , - 

by Don Bannister. Routledge and 

Kegan Paul, £6^5, 278 ^pages 


Wish Her Safe At Home 

by Stephen. . Benater. Bodley. 
Head, £6.95: 220 pages 



BY NICOLA BEAUMAN 


Stuff of Sleep and Dreams: 
Experiments in Literary 
Psychology | . . 
by LOoo "Edel. Chatto and 
Wind us, £15.00. 352 pages 


Gaskin 

by James MacVeigh. Jonathan | 
Cape, £7.50. 261 pages 

How much barm does society 
inflict on children supposedly j 
in its care? This is the question-1 
raised by the story of Graham ] 
Gaskin, a Liverpool youth who I 
is at tee moment trying to sue I 
the Liverpool local authority for ] 
not ' being a proper parent to ! 
him when he was officially in i 
its care as a child. J 

James MacVeigh recounts : 
Gaskin’s- life in the- first person. ! 
The' vivid tale confirms that he ! 
has every right to look back on ! 
his traumatic childhood . with 
rage. His mother threw herself 
from the Wallasey ferry-boat 
when he was nine months old. 
Although his father eventually 
managed to bring up bis older 
sister and brother. Graham was 
raised first in foster homes and 
then institutions, ending with 
Borstal and prison. 

By the; age of six he was a 
veteran ' runaway, lea rning to 
live rough in boxes at -the back 
of Tesco's. For whatever 
reasons, at that stage our bene- 
ficent society, instead of: finding 
a secure new family for . this 
extremely . difficult small boy, 
sent him to a psychiatric 
hospital where he was the only 
child. 

After -this the -story- of his 
adolescence, drink, dope, fags, 
casual sex and endless thieving, 
has an inevitable ring. The only 
individual who showed a 
sustained interest in the boy 
.was a volunteer who seduced 
him at fourteen. Understandably 
Mr Gaskin recalls him with less 
venom than the passing social 
workers, over whose flies he 
urinated and defecated in the 
course of one of the countless 
burglaries he committed: “ I 
hated, my Dad for handing me 
over to the cold professionals." 
he says. The saddest aspect of 
this horrific book is that hatred 
is the emotion which floods It. 

SARAH PRBTON 


The innocent American faced 
with the cynicism of • the Old 
•World is a - Jamesian theme 
which Leon Edel might have 
taken as a warning. Having 
■'done” Henry James fn -his 
definitive four-volome life, Edel 
turned to other subjects that 
had interested him over the 
years, notably Bloomsbury., in 
1979. and now what he defines 
as literary psychology'. But his 
approach to literature often ha$ 
an open-eyed ingenuousness 
that some might wish were over- 
laid with' a tougher layer of 
realism. 

Beware the writer who men- 
tions a railway train going Into 
a tunnel — don’t- let his sub- 
conscious think it can get away 
with that. .Proper names have 
more double meanings than 
most of us could have ima gi ne d. 
And . as for “tristimania” — it 
maj' not hare occurred to you 
-before — but there is dear evid- 
ence that .writers, as a cro.wd 
are a depressed bunch of people. 

Edel’s Interest in literary 
psychology began in. 1930 in 
Vienna, over ' hot chocolate in 
Cafd Siller. Here Adler ex- 
pounded some of his ideas to 
the young critic (Edel was then 
221. telling him that ; 

' “if I wanted to be a bio- 
grapher or critic I' had to 
look at some of the material 
clinicians examined. What 
were a writer’s personal re- 
lations, his family 'relations? 

. How- did he .set about his 
career?” 

His words evidently inspired 
in Edel a lifelong fascination 
with the concepts of psychology 
and psychoanalysis as they are 
used to illuminate both the text 
and the writer. A rather en- 
viable meeting — one which gave 
a young man a definite direc- 
tion for hJs life’s work. 

Edel has put his twin obses- 
sions with- psychology and 
literature to memorable use in 
his life of James, and also in 
his work on. for example. Joyce, 
Thoreau.' Edith Wharton. Ed- 
mund- Wilson and Willa Cather. 
(Are New England people more 
repressed than others, perhaps 
by -Puritanism— 4ikei Freud's 
Jewish . patients in Vienna.?) 
He has written books , on- the 
modem psychological novel and 
on literary biography; it was 


he who first perceived the fasci- 
. nation of Alice James's -teary.- 
. In this volume, whose .title 
might more appropriately have 
been “ Collected Essays,” : rather; 
than the. unwieldy. .Stuff. ..of. 
Sleep and Dreams, Edel gathers 
• together 25 years of material: } 
His biographical .sketches of 
T. S. Eliot and Edmund Wilson 
are good summaries of, presum- 
ably, ' longer.. . . volumes. . Edel 

avoids most of -the excesses' of 
some ' of -America’s academia' 
and is naturally careful to. dis- 
associate himself from “ critics- 
who babble of the Oedipus com- 
plex and who plant psycho- 
analytical clichgs ' higgledy- 
piggledy in their writings." 

Nevertheless, Lt must lie an 
exaggeration to: suggest feat fee 
glut of trains -and horses in Tol- 
stoy represent the “ leap and fee 
journey” and” feat they speak 
as symbols of fee “ eternal- 
struggle of art and ideas In this' 
m3n.” Could they not be merely 
convenient devices for ' getting.' 
characters from A to B? ... r 
And do we need to be toild: 
yet again feat the death 'of her 
, mother was, for V irgSiua Wpolf, ' 
an inconsolable ioss, or timt she’ 
could never forget that- bar Hraifr 
brother George .Duricwogfe once: 
put his band up her knickers? 

But some essays are rttartiinat-. 
.ing. for example the one on 
Willa Gather’s The Professor's' 
House in -which. Edel explains 
the reasons for fee professor’s- 
tenacious clinging to his attic 
room. He -shows that an' attic 
is indeed a womb symbol , and 
that, more than that it was for' 
Cather an image of security ahd- 
of belonging — .......... J 

“ her mother's aloofness and 
her search .for"' substitute 
homes readily fit into- tire .emo- 
tional backgrounds of the 
novel; in essence fee. 'pro.' 
. fessor is fee author herself.” 
The sceptical' English are 
bound to approach 'Edel ■ Wife" a ■ 
degree of detachment - .and 
'might ask themselves -wheflter 
the psychological insights rwhdch- 
help add depth te-a -tong -bio- 
graphical study— -—of J antes — or 1 
to a shortish sketchr-of 'Edmund . 
Wilson — really add to .1. one's, 
understanding of fee -fiction it- 
self. Hcnv much ; emphasis 
should be laid on the was-Eliot- 
bored-in-the-womb ' approach?' 
Yet, carping aside, fee calmly 
valedictory tone- of . -this boot is -, 
a good testament to a- critic who 
has been inspired over hls whale - 
wor king life by. Yeats’s ** famous 
and inspired question r How 
can we know ijbe dancer froin 
the dance?” 


Virginities 

by Robert Muller, Hutchinson, 
£7.95. 248 pages 


■ g ipft qe’s - massive new, 

novel starts with its heroine 
locked in a loveless marriage in 

Nottingham, and ends with her. 

preparing to emigrate to Israel' 

wife someone utterly different 

}rf ram ~ herteullying husband: 'By 
-boolvs en<£ sheibas transformed, 
herself fronriaS chattel into .a 
free age a£ hiring learned to 
surrive on her own ini bedsit,' 
she can at last negotiate.' a' 
marital contract on equal terms: 

Unfortunately her .transforma- 
tion is never’ for a moment con- 
vincing. -• SilKtoe’s- exteuded 
meditations op .dependence,, pa* 
si on and meaning are couched 

in a language -that is as abstract 

as academic discourse, without 
ever -being cogent These pas- 
sages represent :a ■ sincere 
attempt .to .let emotion speak. 

but: fee results range from fee 

; gushing X“he -was a stranger 

home. from, the . sea and.ine 
was 'a 'woman' In fnwr-.ine 
: storm ”) ' to -fee -fra&kly .pnin- 
telligible: **She was beghk. 
hing to believe that what -was 

■ good .’f of’ a ntan was good -for 

•a woman. ,but 'that . what was 
good ’for a woman was good for 

them both ” The bobk can come 

up with .no .plausible language 
to match the supposed intensity 
of its-'emotiohs. ‘ ‘ ' ... 

• if tee central characters tend 

to be overblown, fee supporting 

cast is certainly caricaturea. 
From -a writer wife- lesser -cre- 
dentials thati SHlitoe’s, such 
figures as fee heroine^ cretinous 

and violent brothers-in-fciw, who . 

have ah argument at her Wed- 

ding : reception about Whether 
Christ- was born 200 or .500 
years ago, would seem .lake so 


many libels oh working-class 
reality. - As it - & fee reader 
can - Only Wonder at SBHtoe’s 
estrangement, hot from fee lives . 
he wishes .to write about, but 
from fee texture, and substance 
of his own -.writing. . 

The hero of JJcm Bannlsteris 

Burning Leaves abandons not 

only a marriage, but a' career, 

in fact an : entire pri^packaged 
existence. He is an ordhiary 
middle-grade lecturer in history 
at n provincial university, with; 
an attractive ahd articulate wife; 

but piece by piece he dismantles 

fee elements of his fcfe, and is 

himself dismantled.: His descent 

thrpngh madn ess and destitution; 

is arrested by a genuinely kind 

landlady's taking care of him; 

but the relationship which 
really comes to. Hfe (genuine 

kindness being notoriously hard 

to* dramatise) is between" fee 

hero andX-newsagent who gives 
him p art*fen ^ employment. The 
slowly developing and always 
utkiprififed friendship Ti«Ween 

there 'two difficult men gives fee 

boofcra warmth without which 

it would risk, ■seeming clfmcaL 
=The' tone can sometimes be 
puzzling, fer instance in a scene 
pf discussion in a commune, 
where fee satire becomes un- 
expected^- broad ; ' bat - nothing 
goes seriously wrong/ The 
poised :ahd ruefiil final pora- 
grapb- admirably, ties off .-fee 
book’s sober narrative' of self-. 

destructiveness and -survival. - 

-Tbe feeroine . Of Ste^feen 
Benatafs Wish Her Safe At 
Home has ho saintly landlady 
to break . her' . f ' • Rachel 
Waring, a middle-aged vjjgio. in- 
horits^-a house in Bristol from' 
an * eccentric great-aunt The 
bequest allows' her to abandon, 
her rather settled life^ inXCnflon; 

instead of doing the expected 

thing and . selling the house, she. 
moves' in. : • ' 

■ Relentlessly, perky and prao- 
ttoal, Rachel ferns the house 
into a -dream home' and be- 
friends its original -inhabitant, 
a. local philanthropist who has 
been dea"d=for a : couple .of cen- 
turies;’ .Rachel's* disintegration, 
is disconcertingly wen conveyed 

in ^ mixture of styles, with his- 

torical romance swervir^ with- 
out -notice into sexual fantasy 
or- Hollywood star biography, 


then back Into .virginal decorum. 
-The reader's one complaint is 

likely to be feat the warning- 

bell marked “unreliable narra- 

tor” fc.rung too insistently, and 
too early on, but -Wish Her Safe 
At Home is nevertheless a pretty 
pieqe of .work. 

Robert Muller's new novel 
Virginities creates with com- 
pJefie plausibility fee world of a 
• bright teenager an fee last war. 
The hero is tom between 
seriousness and .. triviality, 
between poetics and Hollywood, 
Dostoyevsky . and A gafea 
ffaistie, steak and trifle. Hois 

afco-tom' between u number of 

.«ute^--any -one -of - whom might 

relieve Mm of hfa inexperience, 

if he could only find fee right 
approach. The period detail is 
exceptionally well managed, and 
seems to have distracted fee 
author from the other requfre- 
ments of a- novel. The final im- 
presskm is of an old photo- 
graph toringly restored, rather 
than a new literary Venture. 



BY VAKERY McCONNELL 


Customs and Characters 
•by Peter QueoneiL •- 
Weideofdd & Nlcolson. r 
£10BS. 176 pages 


There is an .air of contrivance 
about Customs and Characters. 
It is a series 'of portraits of 
friends and acquaintances from 
the author’s •' life * but there is 
seldofe a whole chapter devoted 
to one person: rather they are 
amalgamated character sketches, 
of three or four people grouped 
-together -under., a.-subject head- 
ing, 'the relevance of which is 
often 'tenuous.' It reads HXe an 
autobiography from which the 
author has removed all traces of 
himself and so is obliged to link 
together the .extraneous -mater- 
ial is best he can. However, if 
you have' already read ..Peter 
Quennell’s autobiographies, and 
taken a chronologically ordered 
-march through tils lffe,- there is 
much- to onjoy inrfeis ramtfie 
through fee often intersecting 
by-ways, ' of' Blodh^rury, 
Bohemia and the best society. - 
As well an being personal 
acquaintances, : .the -people 
described- do-- have two:-; other 
Common denominators — style 
and Self-Centfednessv which is 
not mere selfifeneg but more a 


profound preoccupation "with 
the cultivation and fulfilment of 
otre's own personalUy.. ..' Ihe; 
epitome ' of both was ' Daisy 
Feilowes, fashi onable member 
-.of fee fllte social society that 
existed in- Europe before World 
War H. ; Sh e made being very 
rich and 1 beautiful an, art form, 
one off -ber - more celebrated 
-whims.-being to commandeer fee 
personal -plane of. fee .dictator 
of fee Dominican Reptteii^ then 
at- war- with Haiti, and fly it to 
Port^aaPrince. . 

TKe 'sisfet of this exquisitely 
accoutred ; apparition- descend- 
ing the gangway so^ cowed the 
Haitian -military- that they let 
her ^continue Hnimpeded. .While 
never making riaims.for hef as 
an admirable character,. Peter 
QuenneU- is sympathetic to 
Daisy Feltenfres, as- indeed he is 
to feat : niare well-known -ex- 
ponent -of outrageous style, 
Augusth^John. . He sees both 
.as representatives ' of a' lost 
Bohemian world'-' whore fee 
grand . gesture was /supreme, 
whatever ' fee cost to one ’s self 
- and-, others. 

A suzoat igtow surrounds this 
nbstid^remarferance of .times' 
past>- It to an eto^ant postscript 
on a ;weBdbcumented set. of 
aid tfcelr eultund ind 
ways. ; 


Crime Club 



: GoodTOaiin^ 
nrafees Good Reading 


M^&lenNabb 

. Iteathof an 


£6.75 

T Hfl b q yo ur Ciitnovdyog 

Iteailuifa 
Dutchman £8.75 

GMqpsflfamB 

Jonathan Valin 

DeadLetter £075 

*ThB be st o£aBtlto crime 
Tnttecsvfeo fa ve am peaiedin 
Aepart dec^e. . .lithe very 
' a mdt das s otpedptevgfao 
in a w e ai dfee nob le ghosts of 
OandhrandHammett! 

JPsterStnaib 

IfeaCody 

BadCompairY £050 

VKhnwEefHtoCVeiJeSn 
Qeaa^ A waid.fflSOAaaine 
wflmafaWqs: Qs^ardTSates 

JohnBnston 
Qffion 

Tlie Sunset Law £&5o 


^ ynnwrtheti c CTmifng: 

SmdtyHSatea 

Catherine Aird 

£050 
icabf 
S»3 Sm 

Ngao Marsh 

MtT3nrikpins st £ o 

Observer 


WlgrnotASK 



f- 


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>. 

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h. 

fiv 

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11 


Financial Times Saturday October 23 19S2 



FINANOALTIMES 





The Association 
of International 
BondDealers 





TUs AaodadoB of International 
Bond Dealers (AIBD) -compiles 
current market quotations and 
yields for Eurobond Issues. 

These quotations and yields are 
published monthly by the - 

Financial Tunes- The 

Association’s prices and yields 
are compiled for quotations . 
obtained, from market-makers 
on the last working day 
of xnp bth . 

There is no single stock 
exchange for Eurobonds in 
thensuaUF re cognised sense- 
secondary market trading 
business is done on the 
telephone between dealers 
scattered across the -world’s 
major financial centres. 

Membership of the AIBD 
(which was established In 1968) 
comprises over 600 Institutions 
from about 82 countries. 


Eurobonds in September 


BY OUR EUROMARKETS STAFF 


A TOTAL of $22bn of new 
fixed interest paper was 
launched in the Eurodollar sec- 
tor in September, as the market 
was dominated by expectations 
of a continued fall in interest 
rates. 

Most prominent of the new 
issues were several finely-priced 
bonds for top quality U.5. cor- 
porations. The first and most 
successful, was a $200m ten-year 
bond for IBM. Its 12} per cent 
coupon was the lowest seen in 


the Eurodollar sector for more 
thap 18 months. 

Other first-class US. corpor- 
ate borrowers closely followed 
on IBM’s heels. Coca Cola made 
its debut in the Euromarket 
with an extremely low Ilf per 
cent coupon and issue price of 
99} on its- $100m seven-year 
bond through Morgan Stanley. 
Morgan Guaranty and CSFB 
General Electric also launched 
a 8100m seven-year issue, 
arranged by Morgan Stanley, 


which carried a low 12 per cent 
coupon, with an issue price of 
89}. 

In addition Walt Disney, Pru- 
dential Insurance of America, 
R. J. Reynolds and GuH Oil 
all tapped this market during 
the month- 

Although investors have a lik- 
ing for well-known U.S. corpora- 
tions, not all of this keenly- 
priced paper was as popular as 
the TRW issue. 

In contrast, the market saw a 


CONTENTS 


GROUP HEADINGS 

PAGE 

US Dollars— Algeria 

I 

— ^Argentina 

I 

—AuBtralia 

I 

— Austria 

I 

— Belgium 

I 

—Bolivia 

I 

— Brazil 

I 

US Dollars— Canada 

I 

— Columbia 

1 

— Denmark 

i-n 

—Finland 

n 

US Dollars— France 

n 

—Germany 

n 

— Greece 

D 

US Dollars — Hong Kong 

n 

—Hungary 

n 

—Iceland 

a 

—Iran 

n 

US Dollars — Ireland 

u 

—Luxembourg 

n 

— -fieri co 

n 

— Israel 

n 

—Italy 

n 

US Delia ra— Japan 

□ 

—Korea 

n 

—Netherlands 

n 


GROUP HEADINGS PAGE 

US Dollars— New Zealand n 
—Norway n 

—Panama. '• n 

—Papua n 

— Portugal ' n 

US DoUara— Singapore n 

—South Africa Q 

— Spain n 

— Sweden n 

US Dollars — Switzerland H 
— Venezuela II 

—United Kingdom n 
—United States H-m 
US Dollars— -Multinational m 
— Supranational m 
US Dollars — Floating Rate m 
Australian Dollars ITT 
Austrian Schillings in 
Bahraini Dinars Hf 

Canadian Dollars in 

Eurogoilders IH-rv 

Euro Composite Units IV 
Eurocurrency Units IV 
Euro Units of Account IV 
French Francs IV 

HoaxXnrDrihzi IV 


GROUP HEADINGS PAGE 

Japanese Yen IV 

Kuwaiti Dinars IV 

Kroner (Denmark) IV 

Kroner (Norway) IV 

Luxembourg Francs IV 

Saudi Eiyals IV 

Sterllng/DM IV 

Australian DoOar/Mf IV 

B t hmi l Btdilg BSWS IV 

Sterling Floating Rate IV 

Special Drawing Bights IV 

Conv e rti bles— Australia IV 

—Canada IV 

' — Denmark IV 

Convertibles-— France - IV 

— Hong Kong IV 

—Japan IV 

— Luxembourg IV 

— Netherlands IV 

Convertibles— Shwovo IV 

— S. Africa IV 

— Sweden IV 

—Switzerland IV 

—UK IV 

Convertibles — US IV-VI 


The table of quotations and 
yields gives the latest rates 
available on September 30 
1982. 

This Information is from 
reports from official and other 
sources which the Association 
of International Bond Dealers 
considers to he reliable, but 
adequate moms of checking 
its accuracy are not available 
and the Association does not 
tee that the informs* 
eonfctins Is accurate or 
complete.' 

All rates quoted are for 
indication purposes only and 
are not based on, nor are 
they intended to be used as 
a basis for, particular trans- 
actions. In qimting the rates 
the Association does not 
undertake that its members 
will take to all the listed 
Eurobonds and the Associa- 
tion, its members and the 
Financial Times Limited do . 
not accept any responsibility 
for errors in the table. 



heavy sell-off of U.S. and Cana- 
dian bank bonds. This followed 
the gloomy news from the IMF 
conf er ence in Toronto at the be- 
ginning of the month. The 
dubious credits of some hanks 
were highlighted, and all North 
-American bank names became 
tainted as a result. 

As predicted, interest rates 
in the dollar sector generally 
fell throughout the month. The 
six-month Eurodollar rate de- 
clined from 12}} per cent on 
September 1, to 12 per cent on 
September 30. 

At the same time, the dollar 
strengthened against other cur- 
rencies. which led to fears of 
currency losses and some inves- 
tor resistance towards the end 
of the month. In spite of this, 
prices in this sector rose by 
almost 1} points in September. 

There was a similar price rise 
in the D-Mark sector, as six- 
month Euro DMark deposit 
rates fell about } per cent on 
the month. 

An unusual bond-plus-warrant 
deal was arranged by BHF-Bank 
for Japan Synthetic Rubber 
(JSR). This DM 50m issue was 
priced at par with a 7} per cent 
coupon, and offers investors two 
warrants to buy 1,000 shares in 
JSR during the five and a-half 
year life of the bond. 

New Zealand came to this sec- 
tor early in the month with a 
very well-received DM 150m 
seven-year issue. The low 8} 
per cent coupon Indicates the 
high s tanding of this borrower 


in the Euromarket and was the 
lowest coupon seen in the D 
Mark sector since the Philip 
Morris issue in April. Lead man- 
ager, Commerzbank priced the 
issue at 100 } to give a yield of 
8.202 per cent 

In contrast, a planned issue 
for the Nordic Investment Bank, 


through Deutsche Bank, failed 
to materialise early in Septem- 
ber, and a scheduled DM 30m 
private placement for the Japan- 
ese banking concern, Takugin, 
was postponed by lead manager 
Bayerlsche Landes bank towards 
the end of the month. 

Also in this market Latin 
American bonds continued to be 
particularly hard hit during 


September, as investors re- 
mained nervous about South 
American debt problems. Yields 
on such paper reached levels 
of up to 25 per cent. 

The new DMark bond calen- 
dar, set by the West German 
sub-committee on Capital Mar- 
kets on September 15, con- 


tained 13 new issues, totalling 
DM l.Tbn. The first of these 
was a DM 125m bond for 
Beecbam, the British pharma- 
ceuticals group. This was only 
the second appearance of this 
borrower in the DMark sector, 
which helps explain its rather 
keen 8} per cent coupon. 

The sterling sector was again 
fairly active in September. A 


partly-paid £50m 33-year bull- 
dog issue for Hydro-Quebec, 
launched on September <5 by 
S. G. Warburg, was priced to 
j-ield 13.211 per cent 190 basis 
points above the equivalent 
British Treasury stock. S. G. 
Warburg also arranged a £30m 
six-year Eurnstsrling bond for 
Finance for Industry. This bore 
a 12J per cent coupon and an 
issue price of par. 

As the month closed a £2 Cm 
seven-year Eurosterling issue 
was launched for Caisse 
Nationale de Telecommunica- 
tions of France, with a 12* per 
cent coupon at par. S. G. 
Warburg was again the lead 
manager. 

In Switzerland, prices of 
Swiss Franc foreign bonds rose 
by almost one point. There was 
again a steady flow nf new 
paper in this marker. The EEC 
made its debut in the Swiss 
Franc sector with a SwFr lDOm 
10-year issue priced at 99} with 
a 6} per cent coupon by lead 
manager Soditic. 

Other currencies became 
popular during September. New 
issues were launched in Singa- 
pore dollars, Luxembourg 
francs, and guilders. There 
also appeared a rare Norwegian 
krone issue for Gas de France. 
This borrower also topped the 
European Currency Unit sector 
with an ECU 100m two- tranche 
deal, led by CCF and Krediet- 
bank. One of the seven-year 
tranches was a floating rate 
note issue — the first in this 
market 


NEW ISSUE VOLUME in September (p»bBc issues? I 


3- 


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AJvnxA.xranLic ar 

- 8.623 13/ 7/1992 S 
AnnuA,t8BnLXc or 

8.75 . IV 8/1590 
iBStU.UNIUC CP 

15.50 IV 3/1988 
AUUffi WBUS stun. 

3.73 15/ 6/1983 

AUSXUA5 HLBCtUCXTT 

6.623 1/ 7/1986 6 

E*mTUSt61J BABHFEWm 

13.30 29/ 7/1990 

gxko m JU9K ostoahcs 

13.25 1/ 9/19*9 
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10.00 13/ 7/1985 

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8.25 15/ 3/1987 
ns uauAxs-ssunm 


92 

92 It 2 
80 3/8 
76 1/2 
105 3/* 
SL 1/2 
97 1/2 
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102 
S3 1/8 
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17.29 

12.98 8.61 

12.40 10.98 

14.40 

13.82 11.44 
lAlt - 
13.96 16.71 

14-44 7.06 
13- U 
7.33 6.91 
8.00 

14.93 15-14 
14.74 14.93 
13.05 10.76 

13.36 9.88 

14.83 


100 

40 

-26-5 

30 

46.3 

75 

73 

25 

19.0 
60 

60.0 
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50.0 
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63 


is khiaks-caum. t caaimm) 

19a* C 6 EABIAS SAT KAIL CO 103 1/8 13.97 14.18 35 

100.00 14.625 1/12/1391 

1977 CA5AEZAS MCUTC-SEBOBIA 89 1/2 13.46 9.22 100 


tp noLLiss-CAsm (oosnjnD) 


US UOIXAKS-CASAOA (CORCTED) 


us uoLLucs-oEieus* (cosansiZD) 


15.92 
82 1/2 13.93 11.8! 
14.23 

101 1/2 14.29 14-41 


102 1/8 14.47 14.69 75 


C0SS0UB631O - aarpiBi n* 64 


9.00 IAO/1992 


16.62 14.06 
18.38 
98 1/2 37.88 17.77 
17.94- 

32 21.39 13.23 

23.23 

67 21.92 20.15 

77 


35 

20 

8.0 

50 

50 


1973 WBlM. . . 

100.00 4.50 11 7/1968 

1973 KATUtt S.V. S 1 

100.00 A. SO 1/ 7/1988 

1977 K6FIX4 8 .V. T 

99.50 7.875 13/ 9/1964 

1977 HAF1M V-V. 

100.00 8.00 20 f 1/1985 

1977 HOTKA S.W. ■ 

95.00 8.00 II 9/1987 

1977 smx roues _ 

UKUIO 7.75 11 3/1986 

ns DOIUIS-AMZXL 


69 32.33 6.32 30 

17.i7 

68 12.66 6.62 125 

18.01 

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91 3/4 12.27 8.72 150 
13.33 

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13.42 

87 1/4 28.64 8.88 ISO 
ZOO 


30 

60 

60.0 

73 


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43.7 
15 

4.5 

30 

46.7 
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83 1/3 12.32 LU28 

35 

1972 UAZtL.KSVBnC ’<*--• 

75 

16.03 11.30 

75 

13.38 

14-6 

99.50 1.25 1/12/1987 S 


21.95 


83 V4 21.M 11.19 
12.67 

75 

^."WTOU 

87 

22.05 10^3 

50' 

96 1/2 17.63 9M 

SO 

1976 BUTtUUIWUe or - 
100.00 10-00 IV 5A98S S 

71 

23.21 14*58 

40 


72 


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15.59 11.81 
79 15.17 12.66 

S3 V* 16-82 IA-33 250 
87 16.37 15.52 230 

100 1/8 15-90 13.98 230 


71 15.10 13.01 350 

16.36 

97 5/8 15.33 9.73 730 


1977 BiSOO SAC 80 BESTS RUB 
99.00 9-25 X/ 7A386 

OS BOUAJB-CAMU. 


1978 

100-20 


1/ 4/19*3 
1/U/U8S 
1/6/1998 
15/10/1985 
15/10/1998 


79 l/S 24.92 11*66 


12.59 V33 


SO 

3845 


91 US 12.14 9.20 20 
17.0 

73 3/9 22.91 12.06 100 
65 


£ 1.6 

29 

100.00 9.M 1 / SATO 

19 rj M&rULZAX BCNOKKri 

92. JtS 14.25 10.36 

30 

30 

59.53 9.*li If 8/1 984 

1* Cl HeiTULUX BrxancCTS 

97 7/8 14-18 12.26 

50 

20 

99.90 |!.CD 1/11/1983 

7*f! 435TF ALIAS UMHEK. 

S3 1/4 iS.» 13.23 

34.6 

75 

ICO 

94-75 13.00 27/ 3/1986 

:•«:• AE7AALTAX K BAILS r« 

98 1/2 13.90 13.71 

30 

150 

S3. 53 13.10 1/6,1967 

»«« SEP TIUUSC . 

108 3/4 14.91 16.64 

ISO 

100,00 1L-7S 13/ 5/1989 


ICO 

30 

147* BKOKTS uni rwp; 

86 15.05 9.30 

30 

99,50 p-no It -A9KS 

»<sj? ftiwa KOI. r*ora 

77 13.W 10-71 

190 

3.1.0 

V1.CO 0.25 1/ •./H89 

25. 1 1 


?0 

1055 B 8 W=* SUL HOH 

79 l/S 14.61 12.58 

25 

13.7 

Vli.50 10.C3 1/ 5/1990 

15.77 


13 

i<iin cauccn no tutwr __ 

as 14.58 10 . BO 

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0.0 

95.53 F.50 1/11/1933 

18.25 


;i 

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86 14-38 11-63 

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35-0 

IOO.SO 10-00 1/ i/1987 

15.14 


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1*7* COK ALTA 73N 0.y.<?K 

74 3/4 XS.71 13.71 

50 

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100.03 10.25 1 5/ : 11971 

17.39 


75 

1*C« CSC I.TH 

130 1/4 15-39 15-96 

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1CT-C3 14.S0 25/ 7/1989 

tOJ* RZSlCViLET Kanvi: 

92 1/4 15-67 9.21 

13.9 

75 

31.0 

ICD.dO P.Mj 1/ i/1986 

15-67 



15.68 12.18 
17.17 


.n nje BAitfcKJtr saLOrros 

Jv.0 11S.03 9.SJ 1/ 1/19B 

M BUIBSIt U'2! m 

:l.S 133.C3 8. CO IS/IL'1967 

£3 lUl UimSLW UCM FIS 

6.3 9-W u 5/1986 

;.i i«w wtasw non vw 

B.O 91.03 9.50 1/ 9/1985 

zk 2 x WAKAsnrMtnn tx 

15J 39. 75 J.H 15/ 4/1984 

5SM C CU 

33.1 09. S3 *1.33 1/10/1 9S6 

2 i - »?s naacr :sa n* 

13.0 lu3*(D 8.75 1S/11/19B6 

13 !W tssiir-ra 3S 

1U.C3 4.00 1/ 7/190 

23 1071 TW WSMCAT RB 

17.0 141.00 9.00 1 5/ ‘8/1987 

50 1477 VZSREfi wtua cuw 

43.7 2C3.M 9-00 u/umtn 

M 88 ^ 1 VK/U* 


15.07 13.01 sue 
la. 46 

13.38 10.67 130 
20.26 


JU 1/2 I4.SC 10.65 
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300 

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14.34 IMO 

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86 

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81 

13.13 V.U 
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13.36 10.H 
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150 

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99 

15.42 11.39 
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16.20 12.73 100 
1CT0 


nspiujiui ip 


8- DO 

1978 CWM 

100.00 8.20 

1918 CA1AM. 

99-75 S.62S 

1979 CA8AOI. 

lOfl-OC 9.00 

1978 CAHDA 
100-00 9.23 

198!* CHUM , , 

100.00 14.375 IV 6/1987 

last » jBzruHnQEc ne _ 

100.00 IX» 

1*76 tiaam co of camm 
100-W 9.50 15/ 4/1998 

J982* iumoi co ar caKxk 
ZOO. 00 15.73 15/ 9/1931 
197* AOOraiW CO CASABA 

99.50 11.25 15/ 1/1985 

19AI 1ASK OP 90BT9EAL 
99- SO I4.SS 6/ 3/1986. 

1462* 1 UK or MMnCAL 

100.00 14.50 27/ 5/1997 

mm* bar or *orr*CAt 
ISO. DO . 16.25 1/1 r/1991 

1997 UtfK OP *>»?»£» 

99-30 15.50 IV 6/1986 

7977 ULb-CJXAM- . _ . 

100.00 7-75 3/ 5/1987 

1976 nm !-*■ *”"A 
10CLJ5 P.75 15/ 7/1986 

UUt "'iLs 13/ 5 ASS 

1 Sl r 5 a li r a W i/ W /i«7 
zir 00 ,,elT ^5““^/Ss o 

list;* BStmss causniA nnoo 

*9*75 1.6.75 V 5/1989 

1982- ABlrisB C0UN8U TOW 

94.50 13.21 »/ 7/1992 

1951- BSZT7S8 COUHUA lBBOq 

100.00 169 29/1 On 9*8 

1981 - KXtTfSH court »A S»C*J 106 Us 15(69 lVK 30 

1CD.C3 17.00 28/10/1991 

1976 use AEXOCO or casaoa 
$8.50 3.50 U/ 4A9S 

1978 uMun 
$9.09 . 6-50 
- (Ml* OKAM18 ‘ 

. $9.75 15.30 IV 3/1987 

1981 g*g*nrlw rtP 1C COCSSCE 100 

109.00 • 14.50 26/ 3/1964 . . 

>981 CAMttAS TO SZ CMS 8CS 100.3/4 14*50 13.2* 

199.00 "15.25 1/ 7/118,^ 

1982* C6SWUB VI USHBCl Utt 3/4 IfcK 15.22 

109-03 16.09 15/ 5/1957 

. 29B ciMotis nr ik c antt c c us lA iui 1&91 

100^0 16.75 u/to/un 


47J» 

35 


50 


26 

21.0 

so 

50.0 


97 3/8 12^8 9.46 

; 

77 3/6 12J(8 12.25 

> 

105 1/2 12.70 23.63 
96 16.58 16.61 

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98 3/4-15.98 15. S' -Z5 

90 16.39 12.90 30 

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99 1/6 14.66 16.61 30 
103 US 19-68 15.79 UO 

98 1/2 15-98 15.7* 35 

Si 12-51 SJJ 
JO 1/2 14-70 10.48 

99 7/8 16-18 14-11 50 

7* 1/2 1*^6 11^17 15 . 

22-78 M 

n 1/2 13.65 8.66 79 

U>* VS 13.59 14.10 UO 

106i7/8 13-«9 24^7 73 

107 V* 24-2* 15.0* IS 

M 


100.50 3.25 1/ 7/1984 

1979 C431DIA8 FAOrtC LTD 
100.00 9. 75 15/ 5/1989 

1992* qqPTiT 2U3P1E 101 1/2 14-29 1601 25 

100.00 14.625 1/ 6/1992 

1982* cianria acme secs 
100-00 15-00 15/ 8/1959 

1977 
99-50 
1981 

99.50 17M I5/11/1W 8 

1979 UmfiTTOOBW 

98.50 1 0.CO IV 7/1996 

1980 doje rmaoos 

99.00 13-50 It 5/1992 

1973 dokxsiob SKEBCE cn 
99-00 9.00 IV S/1986 

1979 UBQiaOS SECCS CO 

100.50 10.25 IV 6/1984 

i99i noosr C4S4DA ros 

99-00 13.50 15/ 2/1 991 

1931 BLBOSAUO 803843 
99-50 13-25 15/ 3/19 86 

19/8 kho si croupsnr as? 

100-00 8.60 !$/ 8/19B3 S 

1979 1OF08T UnaUKCsr CDS? 

99-50 9-25 1/ 3A9&4 

1990 SRUT KVSU&SrC OS? 

100.00 9.50 15/ 1/19SA 

1979 BZB08X SSELOnERr COU 

100.00 9- 75 U 9/1984 

1990 nscnc: tEBnowEsr a» 

100.00 12-75 15/ 5/1987 

1992* EXFBKr BEWlOFMESr cox? 

99.75 13-25 1/10/1987 

1990 K0CB4L KUtlXSB CSV SC 
100.00 12. 25 15/ 5/1995 

1980 xmsll 8SS1SUS TJEV SK 

100.90 12.35 15/11/1985 

1981 TUSJtAL 8E5ISESS KV8E 

99.75 13.75 -IV 6/1986 

1979 CZSSTAB . 

96» 10-CO 1/ 6/13*9 

1981 «"•**** 

99.00-' 14.75 13/ 4/1991 

vnt m: un run co 

100.00 8-75 1/ 3/1986 

1982* cm? CASUS £50 _ 

308.00 14.75 1/ 4/1992 

ism btjam wtiar soujzsra Bf ia s/B 14.72 ivso iso'. 

100.00 15.75 17/ IAS8* 

1981 nus win eaioiss 

100.00. 18X0 U 6/1936 

1993* SEAM nsm B3UZ9BS 

100.00 16.00 U 3/19*9 

1976 BUS OIL CO 

100.90 9.50 1/ 7/1936 

1979 BKtW'S BCT . „ 

101.00 . JILOO 13/ 2/1994 

190 BIBS OS'S MX 

ID]. 00 11.50 IV 61X590 

1933 XK CAUDA 

100.00 10.50 1/ 7/1985 

1981* DUCT 

99.50 15-50 IV 1/1989 

1977 ■»-»» 

100.00 A. 25 13/12/1934 

1977 XKO 

100.00 9.00 1SA2A992 


17.96 U.E9 
88 1/1 18.88 11.63 
101 3/8 13.13 13.28 
99 3/4 13.27 13.28 60 

96 111 13.69 9.13 100 

95 1/4 13.01 9.7X 
90 1/2 13.19 10-50 

96 3/8 23^3 10.33 
98 3/4 13.07 12.91 

100 9/8 13.14 13.2S 75 
98 J/B 13.06 12^8 75 * 

97 5/S 13-19 12-55 125 

M3 3/S 13-27 15-24 _ 25 ' 

71 17.70 14^8 35 

18-41 14,0 

87 1/2 17.62 16.86 125 
17.86 

S2 3/8 19.37 18.94 100 

90 1/2 16.67 M7 75 
18.86* 

US 1/8 14.06 14^9 100 


103 It » 14-70 13-50 150 
' 101- 25.67 29.86 150 

76 


18.94- 12.30 200 
19.28 

66 7/8 16.63 14,95 100 
18.39 

73 1/8 18-20 15.73 100 


1976 MX CAgPIUr TgtgC 

100.03 9.53 It SA986 

1977 XAOSLUK 

100.00 9.00 

1978 MaCUAB SUXXL 

99.25 9-25 IV 3/1991 


94 3/4 12.83 LU08 
103 14.68 15-05 
81 V* 19.14 lfl.ll 
69 16.79 14.29 
78 28.32 12.18 


35 

30^ 

40 

MLO 

90 

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1/ 2A9S2 


•IV 6/19*3 


96 21*92 10. It 100 

S8 3/8 14.03 fcS2 
105 Of* 13.73 14.71- 


40 


14. 31 14-30 


40 

40.0 

40 

38.0 
73 

65.0 

25 


30 


1976 _ . 

XQO.ce 8.73 IV 4A98S 

1*75 KBrnuiwrarp 
99.30 9.25 33/ -ASS 

1979 8ASZraM.K0trKE or 
99.00 9.53 lit 3AM9 

ise* us^au,i 99 Tn=c cr 
100. 00 15-75 -9/ 9/19S9 

1976 iaSETWZSOSCS 3S3 E.V. 

106-00 MS 1/ 6/1991 

1970 maLffirtf. 
lOCLOO 9-00 - 1/ 2/1985 
1976 BBl3U.ee? C7 
VtO.se 9.75 IV 2/1385 

ugamnnu .error 

100.03 15.75 25/J/19S2 

isa iuiroan t 

99.75 18 i 6/198* 

1981* SAT EZ C4SZ2A 
103.90 16.50 13/ 5/1988 5 

1976 SVBSE2SC E.743S! 
ICO. 00 . __ S.KJ 13/ IP . 983 

2979 53X1 *L4I'9WH!4 g-F- CTHK 
99-50 9.75 1/ «im 

!9C* in atLSU BC X r-r-=ag 

99-53 15-25 It 3/1 KJ 

ltd WKSGBI.MS 
13JO 1/10/1988 
-1977 A.u n — 

99-50 &CQ IV 7/1384 


25 
16.0 

62 17.91 ZA-52 US 

18-55 

62 17.32 14.92 30 

1U47 24.0 

96 3/8 15.92 9^18 125 

tt lit IUS 10-43 IS 

1A.C9 5.7 

87 7/8 12.30 10X1 30. 

101 7/8 13.32 19.53 75 

a 3O.3H2V80 109 

85 Ux 16.93 10.53 200 
22.55 

97 Z/6 16.92 Ml 103 
lfll 3/4 W-SJ 1**8 IDO 

97 3/3 16.97 15^6 130 


98 1A 17.70 17.53 
Z7.ll 

97 1/819-13 9.27 

79 1/3 13-32 1U26 
13.93 

£96 5tt 16-59 15*24 
109 1A 24^815^6 
RS/IIM! 8-78 


» 

23.0 

Z5 


60 

3iU 

7S 


95 in 16.79 $.16 
104 5A 14.3 14.59 
106 V4 13.83 14.56 


1976 SSI TOBPXCC.TWJT Or 
100-75 8.75 1/ 8/190 

1981 IBUHOSSKCIUiraF 
98.47 14.73 • 1/ 7/1991 

1981* SEH mmSBKE.T9<ir CP 

100.00 15.25 1/ B/L987 

1976 MAi m U Ai m iP 6 UK BOBO 79 3/8 18.22 12.28 

I CO- 00 9.75 15/ 3/1986 

1981* XDFOOmUSD 6 US nso 207. 7/8 15.32 15.99 

100.25 17.25 18/11/1989 

1976 TOIOBraUSU rot TO 76 15.74 12.17 

100.30 9.25 IV 9/19*8 

1971 JLWJUlHJiUSD.PTOVEKZ OP 85 14.29 10.00 

99.30 8-50 2J 3/1986 18.44 

1977 SEBTOaSnAJro.mmSCS OP 79 7/8.15.53 U.27 

200.50 9.00 IV 2/1989 

1978 STOsnmUXB.RonKS <H *5 13.58 U-56 

100.50 . 9.25 1/ 6/1990 

1979 BBmnnum.W>VOCE c e so 1/4 13.43 12.66 

99.50 10.00 . 15/ 3/1994 

198! ■BUmifl.DLAKD.FKOTIPTE OP 

99.00 13-50 1/ 2/1990 

1987* TS7P0CTOUKD. 7WV 1X.Z OF 103 1A 14-75 15.01 
99.50 15.50 18/ 8/1990 

1981 ss.'maaiUHD.FaoniCE or 108 3/4 15.14 15-86 
100.00 17.25 1/1 D/l 989 

1981* wm AS AUEXZA CO*? 

99-50 16.25 7/ 1/1989 

1979 SIRA SCOTIA RVU 

99.50 9.75 15/ 5/1989 

1970 son ssom. HUJTOCE OF 

100.00 9.00 15/ 5/1985 

1980 sova scoca, nourcc 07 

99.25 10-75 15/ 7/1990 

1981 smsA semi, rz on tee op ice in i*-44 14.63 

100.00 1S.0D 30/ 6A991 

1982* ton SCOTIA, tTOTl'KiC 
,100.00 15.25 1/ 8/1M9 

‘ 1982* SOSA SCOTIA, RDVISCE CP 105 5/8 14.29 14.91 
100.00 IS. 75 15/ 3/1989 

1977 i ) ff* dt n 

100.30 8.00 U/ 4/1587 

1976 nraam ow n 
99-50 8.25 27/ 3/19® 

1971 CB ag D BZP80-EUCCIUC 

100.09 5.25 15/ 1/1986 

1976 -0SH2ID qsso 

99.50 8.50 1/ 6/1985* 

1976 Oprianti PWWT1 
99.50 8. SO . 10/ 9/13*6 

1976 OSUXZO BUKO 
99.50 9^10 2 1 1/1 983 

19a OSSU2D BBU 

100.00 13.50 26/ 2/19SL 


96 7/8 14.17 13.94 
14.31 


100 3/3 16.09 16.19 

82 7/8 13-83 11.76 

14.51 

85 1/2 16.13 10-53 

20-18 

86 1/4 13-71-12.46 

13-99 


104 111 14.21 14.63 


86 1/8 12-12 9.29 

96 3/8 14.19 8.56 

84 3/8 14.50 9.78 
19-35 

91 3/6 12^6 9.26 


190* OfiTAEm DSBO 
99.75 16.75 29/ 4/1589 

1982* 0KCU10 HOBO 

100.00 15.00 5/ 8/1932 

• 19a aeAOO osibo 
100JJO 16.00 28/ 8/1991 

l*a* oszAno asco 
100.00 16.00 19/11/1991 

1975 OSMKBl.KOaseE CP 
100.00 8. A3 1V1IA98S S 

19a* oaAKxa. HomcE ar 
99-00 15.00 S/11/19SL S 

1975 OC3UIA-CAXU70S 

98.50 9.50 15/ 3/1990 

198!* onm-cauuM 

99-00 14.75 IV 6/1997 

1976 FOMBAS 

180.90 9.50 15/12/1986 

1971 uumc e3K0-azcme 

97.00 3-25 15/ 3/1986 

1971 quae Blnco-ZZECZIC 138 

100.00 8-50 15/11/1986 

1976 qn»EC Enmo-SLEMRIC s 

309.00 8.50 1/11/1986 

197* QUEBEC SXH0-5UC7Z1C 
94-50 8.50 1/ 2/1989 

1917 QUE9EC BTBS0 

100. (W 9.00 1/ 8/1993 

1970 qtxsac wuro-gECTic 
99-50 9.25 1/1 on 90S 

1978 QUEBEC H7SU . 

99-50 9.50 1/ 7/1993 

1979 QIE1IC »» 

»•» I0-W 15/ 5/1999 

19E0 QBSBS: *»n»n 
106-00 11-50 iSf 6/1993 

1980 qents HTHfi 

100.00 12.50 1/2/1985 8 

1961 Q E E 8EC 8TDRS . 37 

US-00 13.00 u 2/1951 

198C* QEEK£E E3B0 
3 CO- 00 16.25 13/ 2/190$ 

19M* QEE35C 080 
JCO-TO 17.25 ISA 0/1 9U 

1973 qC3£C.EZ3E15CE C7 

59.00 7.33 ^/ lASBS 

1976 CXBSC.K0K3CC (P 

103. C© 9.09 is/ 1ASES 

1976 qESEC.TWVlZCE (P 

100,03 5-00 1/ 6A986 

1970 qCEKSLHOBTSCr cr 
ICO- CO 9-00 1/ vises 

1977 qas 8 C,H 0 sucE cr 

99.00 9.00 1/11/1955 

1981 tSD23BV«B5tnR » X93 

99. CO 14-75 if 7A9BA 


88 S/8 12.30 9.59 
98 1/8 16.51 9.17 
102.1/8 13.03 13.22 
105 1/2 13.39 13.98 
10 7/8 13,85 14.17 
109 3A 16.00 16.90 
109 7/8 13.99 14.56 
90 m 12.50 9.50 
1W 7/8 14.53 15.09 


78 


14.48 12.18 
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14.88 

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86 16.39 9.82 

16.58 - 

86 23.82 10.12 

16.34 ■ 

87 12-76 9.77 

25 2/4 24.74 U.30 
16.25 

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84 1/2 16.16 10-95 
23.39 

75 14.14 12.67 

75 l/t 13.88 13-31 

88 Ift 14.11 13.29 

99 X3U1 13-02 

94 1/8 14.21 13.81 

US 7/5 14.53 IS. 35 

110 5/8 15.82 15.59 

68 17. U 11.83 

20.73 

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S3 7/8 11/7 9.39 

86 16.38 10.47 

18.9/ 

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. 1.S 
10 

1.3 
5 

.7 

12 

1.6 

12 

2.7 
25 
20L0 

30 


»n* innK,iunKi or 

100.09 15.25 15/12/1989 

1777 XDFASH IXWIBTKTrS 
.100.00 9.00 15/ 9/1989 

19S1 SOUL bab; OP cabam 

100.00 14.00 22/ 4/1986 

1980 1 DOUSE LTD 

100.09 " 11.25 15/ 6A98S 

1976 S4 8E A7C m PAH.Tam!CE OP 

101.00 8.75 1/ 9/1986 

19«2* S4Ett3CBms,turcrc:c ar 

100.00 15.00 15/ 8/1992 

wo* suniaBus.mnxE of 

109.00 16.00 15/ 3A999 

1981* 8ASKk3CTBUS.WRXn:C CP 

100.25 16.25 15/11 A 988 

1976 52404.9 

100.00 9.00 19/ 2/1983 

1985* SHELL CflOUA 

99- Kl 14.375 13/ 5/1992 

1981 SHELL CAHAD4 LTD 

99.75 15.75 15/ 9AI91 

1081* KIMPSOJB-SEA1S 4CC.Cn ‘ 

100.00 17.50 1/11/198C 

IM! TOUnTHHHtlN-tOK BAST 

100.00 14.00 15/ 4/1984 

1981 TWTOIO-OQHOTKJB HAST 
100.00 13.00 IV 7 A 984 

19a TOKORO-ttZnSIO* BASK 
100.00 15.25 15/ 9A983 

1981 TUEJXtt COR? 

100.00 15.50 15/ 6/1986 

1981* XU3SC1M0A nPCLICES 
100.00 16.00 1/I2A969 

HR* TEASSCASODA PIFflKES 
100.00 16.00 15/ 3/1992 

1981 T8AE5CASAM PTPCLKES 
100.00 17.75 1A0/1S88 

1981 TH1ZEC CCRP 

99.00 16.00 If 8A986 

1976 V18C0DVSt.Cm or 

100-00 8.75 30/ 9A968 

2980 OEOttX HESTON 
99.50 11.50 1/ 6A987 

1977 -TOI P EC.Cm nr 

XOa-SO B.25 15/ 5A98?£, 

1981 vosme.ctrr or _ 

100.00 15.75 30/ 6A988 

1981 tanpot.cm nr 

100.00 U.OO 15A0AW6 
JB POUAH-COimBTA 

1973 couHnA.aroALic op 
100.00 8.25 1/ 7 ABBS S 

IS DOLUU-K&iAUC 


101 3/4 14.34 14.70 
62 3/4 19.10 14.34 
100 1/4 13.82 13.97 

93 7/8 14.05 11.98 

88 12.82 9.94 

104 7 A 14.04 14.30 
106 m 14-33 15.02 

106 1/4 14.61 15.29 

97 in 15.92 9.23 
IK 1/4 13.89 14.06 

107 1/8 14. 28 14.70 

105 16.12 16.67 
99 5/8 14.11 14.05 

100 3/4 14.39 14.89 

101 3/4 13.15 14.99 

.99 15.79 15.66 

96 3/4 16.77 16.54 

98 16.36 16.33. 
1IC 1/4 17.12 17.36 

94 in 18.0446.93 
72 3/4 16.18 12.03 

89 SA 16.D 15.06 

79 14.79 10.44 

105 1/8 14.33 14.98 

108 3/4 14.00 15.63 


15. BA 11.30 
30.45 


1964 SUKABX.KEBCSOH Of 

98.50 3.50 6/ 4/1984 

1965 OP 

99.00 6.90 13/ 6A985 

19A S&mAU.EnBUH OP 
99.00 7. SO 15/ 1/1990 

1976 nEBfAXE,KXMCHM Of 

99.00 8-50 l/l 0/1984 

1970 Daau&K.ima»( or 

99.25 9.25 1/12/1985 

1930 IKnUUUC,EZaciKPI OF 

99.30 11.75 1/ 6A990 

196A ASH KTOICINL - DLSUKE 
99.23 3.75 »/ 6A»» 

1971 CABU9ERC-TUBOCC 

98.50 8.75 1/ 4A9BS 

1977 CO-OP CEfflAK 

100.90 8.625 15A0A966 

U65 COPEJHACZH.CTT OT 

99.50 6.00 16/UABSS 

1967 COFEMUCSN.CTTr OF 

99.00 6-50 13/ 1A387 

1969 eOFEOACeT.ClTY OF 

97.75 8.00 15/ 9/1984 

. 1970 capssaA£Ci;.crrr ar 

98.00 4.00 l/ld/1489 

1972 COFEKWCCH COdnTT AHTH 

97.50 7.75 13/ 2A987 

1964 COIEHiACEH ‘RLKHtrX 

99.50 5.75 IV 2/1 984 

196A COKMACES IKLEPlOW 

100.00 5.75 * 1/ 7/1984 

1966 COrtSBUtS TaEMOSE 

98.73 6-75 It 4/1986 

1971 caowammin 

100.00 8-50 1/ 2/1986 . 

1970 eOPEHBACES TELOWME 

109.00 9.00 LV 4/1985 

1978 exsam -jorunro ran E c 

99-38 9.00 IVlAfl! 

1964 mUEMOBt ELECTRIC 

98.75 5.15 16/ 9/1984 

1964 JOfUSD TBEEPBom 

98.75 5.75 1/ JAW4 S 

1966 jmun mmora 
8B.00 5.75 V 3/1984 S 

1964 20SKZSACE UR OT letHAKK 

99.00 5.625 15/ 3A984 5 

1966 HRBCACE HAST W BEnUBE 

96.30 6.25 25/ 1/1986 

1972 UMSSUS ViK OP UESIUE 

97.50 7.50 1/ 1A9U 

1976 HS3EASE 813K OF K9USE 
99-00 9,90 1/ 4/1 983 


88 1/4 14.58 6.23 1M 
19.02 

90 l/S 10.22 6.54 inn 
12.56 

72 Z/4 13.74 10.38 gn 
16.70 

90 1/2 14.28 9-59 8 

95 J/B 10-83 9.65 Iqq 

87 1/A 14.56* 13*47 laa 

86 3/4 14.64 6.63 U 
1B.AB 


92 13.36 9.38 sa 

17.66 30.0 

9Z 1/4 9-34 6.58 75 

12.27 

90 2/4 9.20 7.20 50 

SL.07 30.0 

91 1/2 13.79 8,74 

14.54 ‘ S . 0 

91 3/8 12-63 9-85 a ■ 
14.94 ** 


92 .12-40 6.25 75 

16.34 75.0 
SO 2/4 H.B6 6.34 m 

14.34 

89 3/4 10.36 7.52 jn 

18-82 8.0 

92 5/8 11.23 9.18 75 

«■* K.0 

92 7/8 iliis 9 - M 109 

88 1A 14.98 JI0.20 fs 

86 3/1 1 4.02 6.64 Ia0 
16.91 

89 7/8 11-49 8. SO m 

16.94 

90 1A .13-23 £.48 » 

-15.6* s.I 

94 5/3 *9.89 6.03 1BO 
12-09 

96 1/Z 8.19 6.61 3 * 

9.65 . 

tO 35.06 10*7 WB 
17.38 1UJ-0 

97 5/4 13-61 S.JL SO 


20 

16.0 


50 

50.0 

ISO 

IOO 

100 


1977 Psrr.'JBAJXES 

100.00 6.C0 15/ 4/1984 

1978 SHUTS F L 

100.00 9.30 1/ 7/1 SEE 3 

US DOLURS-TZOASU 


90 1/2 15.26 8.84 
79 


15.64 12.39 
18.82 


50 

15 

9.0 
15 
11.2 
15 

6.0 
20 
14.0 
IS . 
17.5 
25 

8.0 

15 

6.0 

3D 

8-a 

15 . 
6-9 
15 
11.4 
25 


75 

30.0 

35 


14.5 

100 


1478 raUSU.BKPUBLIE 07 

99.49 8.75 15/4/1983 S 

1977 rXSUSD.REHBIJC OP 
98.35 8.73 15AOA992 S 

197* TSOASU.t.XHZUC C8 
99.65 9.00 15/ 9/1988 5 

1979 FXEtA-0.KEPI7BI.IC OP 

99.50 9.30 15/ 3/1966 

197* TTSlAVJ.tCTCKLlC OF 

100.00 9.625 It 7/1999 $ 

19RJ* roaA5H.ISPl3LIC OP 
94.75 15.25 1/ 4/1987 

1977 Eieo-crasir 
100.00 8.25 15/ 3A934 

I4fi0 FONTS H EXN3RT CKEntT 
100.00 JO-iO 1/ 7/1985 

1453 • TR2C16* EZPOBT CKETIIT 
99. OJ 54.75 1/12/1986 

in Pisans? roitiip*. mis 
99.30 3-25 IV 3/1997 

•474 FINNISH m-lCIM. I.4A* 
9«.» S.7S 1/2/1959 

1*71 RUSVtn.CITT OP 
99.53 e.7i 15/11/1956 S 

1472 ini WTOE 8(EC OF rl’ClA.TO 
103-53 (LOO 15/12/1987 

1477 imrsT rua» or feilaso 
ICO- 00 S.I5 l*/ 9/1967 

1*74 iswst rr*ra or frlasd 

100.40 9.« 18/ 9/1934 

i«7i xobicace hast, nr pikuso 
96.43 P-53 .15/ 2/19S6 B 

1*76 nncme* sans or fl-.-uso 
I on- CO 4.25 1/ 4 A 927 

1971 PE EM A OT 
93-50 B.75 1A2A986 

1976 KACI«anJKrr SK 
160 . 0 } 4 . no 1/11A9B3 

’•1978 TO f0«2 
IDO. 00 &.&JS 1/ SATO 

US rOLUBS-CTASCB 


96 1/2 

75 1/2 
a 7/8 
87 1A 
32 3/3 

103 

92 3/6 
a 1/8 
100 

a 1/8 

76 1/2 
87 5/S 
76 1/2 

79 5/8 

93 

80 1/4 
96 3/4 
85 7/3 
93 7/B 
M 3/4 


14,55 9.27 

13.66 11.93 

16.09 

13.96 11.29 
I4.V 10.89 

14.10 11.99 
14-22 14-81 

14.66 8.93 
14.98 11. ,38 
14-70 14.75 

14.31 10.17 
17.9L 

14.69 1UM 
16.60 

13.09 10.24 
15.73 

14.75 10.46 
17.29 

14.24 10.36 

16.09 

13.26 9.68 
14. 73 

13.31 9.86 

16.61 

16.10 9.56 

13.16 19.18 
16.03 

15.50 9.59 
15.92 

16.00 11 . 97 


1976 B.7-C-E. 

100.00 8-75 IS/ 2/1933 

1976 B.F.C.C. 

100.00 8.95 15/7A0B3 S 

1974 8.F.C.E. 

99.75 9-DQ IV- 3 A 989 

1961* l.Frf.E- VO 

100.00 16.00 15/11A986 

1 981* 3.F-C.E. S I 

100.00 16.00 15A1A9Q6 

19S2* Baz an sues • 

103.00 15.00 1 5/ 5 A 989 

1982* Biceps tstosucr 
99.50 15.23 19/ BATO 

197* c.c-c.u- bJ!» 

100.03 1 0.25 1SA1A982 

na* C.C.C.R. 

loa-no 15.875 30/ 6A992 

1961 * C.P.*J.P. (KOI 
99.63 15.75 14/1 1 A 996 

1975 K4TH1S44E US L’EKUCtX 

98.75 9.25 30/ 4/1585 

1*81 KATlnSia: BC L'ESEICnt 

200.93 12.75 30/ l/t9U 

1976 lUCTnULS KS AUTO P 

133.00 F.5K 15A1A9B6 
2976 XATTOSALC ES AETCROCrES 

100.00 9.00 7/ 5/1986. 

1977 KAT13CALE K5 ALTOnnOTES 

99.75 9.ia 15/ 3/1*97 S 

1976 SATlCiCU.n L£5 AErCLCOTSS 

100.03 9.25 9/ S/1991 

!9E3 XATIONALC USE ACT2CCT2S 
lno.00 12.75 1/ 5/1595 

i9K mroau tts actcacttes 
ICO. 03 15. a 15/ 6/1996 

1562" S4E10SILE CIS AltdOTTSS 
100.00 15.T75 12/ 1/1997 

1957 UnCSALU S3 T^L'-XKK 

89.00 6.75 1/11/1382 

1971 SATO5ALE USE TELECOM 

98.00 a. 30 1/ 5A9B6 

1977 SAZIDKALS DES tSLOOa 

99. M 8.25 1 A 0/1989 

1976 SATICSUX EES TEL SCtPH 

1CO.M £.875 15/ 3/1984 8 

1978 SLTtDSi.tr. BIS mECCfOt 

99.50 S-W 15/ 3 A 393 

1979 SATO5ALC KS rELECO-S 

99. ?5 9- 51 15/ 6/1956 

:%3 arrouiE cs rstiEswr 

99-75 11.125 1/ 6/1953 S 

1971 CHESTS UFA2C3 
SB-19 e-75 25/ 3 A 986 

ise* CBnu7.io fix be paukas 
100.00 13-575 IV 9/198*. 

1976 COf? a.r DO ROSE 
99.53 8.75 23/10A966 

2976 Ctorr 5UU&L 

99.00 8.53 15/12/1986 

1980 CEE3TT SXHD5AX 3S 

102.00 13.75 1/1A966 


96 718 17.57 9.05 

97 13.44 9.44 

74 15.64 12.16 

18.83 

112 JtS 11.84 14.17 
104 1/2 14.44 15.31 
201 i/S 14.54 16.76 
102 1/4 14.68 14-51 

98 m 22.68 1041 

106 -l/S 14.62 14.96 

104 3/4 15.85 15.99 

91 5/8 13.22 10.10 

V 3/4 13.60 13.32 

84 3/4 13.54 10.03 
17.67 

88 7/8 13.01 10.13 

74 V4 13-48 12.58 
15.34 

82 7/8 12.54 11.1S 
14.31 

95 3/4 13.44 13.32 


104 


14.53 14.66 


106 1/8 14.74 14.92 
14. 56 

98 1/2 25.69 6-85 

82 15*06 9-76 

20.20 

78 3/4 23.06 10.48 
14.A 

95 1/8 13.2$ 9.55 

76 3/4 13.16 11.73 

89 5/8 13.17 10.60 

SO 1/3 13.64 12.72 

BO 16-71 20.94 

19.90 

97 1/4 14.52 14.27 

81 16.20 IMt 

87 1/9 12.60 $.76 

15.67 

1» 3/4 2308^3.05 





12 


Financial Times Saturday October.' 23^1^2 ; ^ 


1* 

WMHIIII 

9 


CHrMHBBBT . 

£ 


to 

2D 

13.fi 

50 

in 

in 

in 

135 

1M 

75 

125 

100 

in 

75 

30 
6.0 
a * 

7.0 

so 

4.0 


6.0 

45 

100 

30 

46.0 
SO 

75 

75.0 
50 

30 

21.6 

15 

1.3 


165 

165 

200 

ZOO 

M 

ISO 

ISO 

20 

125 

123 

200 

300 

25 

16.3 

a. 

125 

125 

M 

12.0 


re naiOHMia (cootano 

07-5/4 14.90 12.U 




HE9H 



rr ® 




lil 


Hl^ 





ii 



1675 UULF. 

»>M 9.75 u/unsn 

l*n HBSHCnE 06 RUCS 
99.00 8.50 If 571904 

1977 flcmcns k mace 
99.75 0.50 1/6/1987 

1976 EtECBtmCB DE nun 
100.00 0.073 15/ 1/1983 

1976 ZHETUdZE DC IUXI 

100.00 0.90 13/ 9/1586 

1979 mnoicmwrusn 

100.00 9.625 15/ 4/1986 

19H gmcni c ttB ofi rautcn 

100.00 10.00 1/ 7/1988 

1980 nurcnucin; oo fthsce 

ln.00 11.25 15/ 5/1990 

1981 EUCnrCTTE DG PIAKS 

93.23 13.00 15/ 6/1984 

mt EUCcacuKKnusn 

100.00 13.00 13/ 1/USS 

I9C* suEiuEire » ruses m 103 3/4 13.42 imi 

99.50 14.375 15/ 4/1989 

1982* ELECTRIC C£B VS FIMCE V 102 3/5 13.73 14.04 
99.30 14.373 13/ 4 AM* 

1977 E18 AQ0TUU3S 

100-00 8.25 15/ Him 

1965 TUSCABB DCS PSTTOLCS 
9S.2S 6.00 15/10/1985 

1976 G*X*5* 

99.75 9.25 15/4/1)83 

1970 GBE DC FIACE 

99.50 9.00 13/ 3/1)85 


00 16.23 u.«3 

13.37 

05 1/2 15.11 10.19 
<96 3/6 14.13 A20 

88 13.27 10.37 
90 3/8 13.14 10.(5 

06 5/0 13.46 11.54 

89 3/4 13.44 12.53 
99 3/8 13.32 13.08 

90 IA 13-37 15.20 


89 5/8 13.2$ 9.Q 

78 3/8 13.43 7.66 
25.68 

96 3/4 15.62 9.36 

88 1/2 14.84 10.17 
18.47 ' 


20 

9.0 


50 

17.2 

15 

M 


50 


15 

9.0 
10 

4.1 

» 

IS- 2 


X 

9.0 


1978 VtttBBASa SR ns W 91 1/2 11.59 8-57 SO 
9MD 7.73 If 6/1983 13.71 

1977 fHBUCHt 0TO* TO 81 3/4 13*24 MS SO 
100.50 7.75 15/ 5/1987 

unotMosqaBs iz 

1972 rogg.wm.tgPQMiTirai #71/413*0 A« 30 


SAM 8.25 13A2/IS84 

IB DCttlAEMBRC »nw 

1973 KBCBOC UD ST 32 

100.00 7.75 1/10/19S8 

1971 JMW ME XttBBSOR SR. 2B 72 
100.00 7.75 ISA 1/1986 

ns soUARVEsnutr 

ion usuncar aneur rto 94 
100.09 8.30 1A1A9B7 

os nuABo-mum 


20.72 . 

&. 

15. U 10.76 ‘20 
17.98 . 

17.89 10.76 80 
25.56 

150 

10.14 9b 04 JO 


1977 ZCBASD.BER1BUB IF 
99-50 8.00 1/ ZA987 

1971 ICBUUtn.REKniUE OT 
99.00 8.73 15/ 1/190 

1977 KWABMOWW^Or 
99.50 9.00 13/ 7/1987 

03 KUABS-TUH 


71 15.65 10.39 

19.86 

S 15.70 10.34 

20.93 

79 1/4 15.88 1U36 
17t/6 


50 _ 
9.2 
SO 

13.0 
25 

25.0 
30 
30-0 
SO 


n» waum^ms (cornoni) 

1982* armnug an no m' 89 2/4 jjms 1 7- T» 
100.00 U.00 31/ IA987 

19E* htbeukehi eras no ST 0 5/4 14.431 us 
100.00 ll.n 31/1/107 • 

19» MWWirag WTO 76 1/S 14J4 11.76 

98.50 9.00 If 4/1S9) 

5916 HBSntaasSBF 96 XAtt AU 

99.50 8.7 5 - 1/ 9 /1983 

1977 HX2B0I SnoCHBUUL HD 92 1/2 14*59 8-74 
loAM 8.00 Z/4A984 17.60 

1977 ISA TSrEBKQDSU. 89 1/4 14.81 8.68 

99.23 7.75 1/8/1984 

1982* bjwi temr bask 
100.00 15.25 10/ B/US9 

1977 BBBMi A 6 A 
TO-00 7.75 15/6AM4 S 

1977 ROTOR TEL 6 T8L 87 1U( US 

99.73 8.1 23 1/ 3/198? S ■ 

1976 mmnf tjmrtbe fCBgMT 
99.75 8.25 .15/12/190 


Hi 

El 


m 

ra 

n 

m 

m 


U 

m 

H 


w nacuHHm xeumb (duubi) 


ii 

7 


m* 


h 

i 

ImI 

& 

ill 


ftWILIMf 


IM 1/1 1M7 14.79 
93 1/8 1Z.7D 8.39 


lMT 

20 

104) 

20 

28.3 

25 

25 

30 


1976 ibt 8ZEJBLanr or 

100.00 £55 IV 6A98S 

1977 8B7 ZEGCWID HEV FIB ODD 

300.00 7.75 15/3/1984 . 

1978 hot mum nr m an 

93.25 8.125 1/ 6A983 

1978 m 2XUXD mm corf 
99-00 8.375 I/6/198S . 

1978 ju. Wtoii' renin. a 

100-00 9-00 13/ 3/1986 

_i?8o m . h«b8p nmmrra 
WWO ttmji 1AI/19SS 

1976 co 

100*00 L2J 15/12/190 


M S/S 15.64 8J0 » 

0 15-85 8.71 0 

28.33 


951/S 16.16 AM 
» 
n 
87 


lS.fi MB 23 

U.27 1*0 

15.67 21484 


vn r sum^mcn or nr MMlcui mb at 

100.00 SB 3/11A982. S . , 28 Jt 

1978 XflBSUaRBUCOr M M IS* **» W*T 39 . 
1004X1 A5D 15/3/1988 

re tmxAkfrUHs sue. u 

3-4 


luszui as 

2.7 

883/8 12.76 %3L » 
4B 


4978 
1004ft 
1977 
SMS 
1967 
97.30 

1977. xoai * n wna coHgTa #7W*32»wifctt ia an 

LOAM 8.75 1/ 5A984 1842 . 7* 100 JO 

a ncmas-warmciT. 20 . 2975 

■ - ■ BUI 9840 

1964 *MHt,wwT.« m 77 3/8 SMB 737 50 1976 

97.38' -5.75 1/ 6/1988 * 32J8 2n.fi. - 10030 

1969 MMU3B08UE OF 77 M-U MX 0 
9730 5-75 1/2/1985 8 29.29 

BnmueMBDNU ±5 


* -HkM.Alfi:. 

12. M 

77I/4U3H14B 


■ A© -.'■ 

AH 16/100387 S • - - M37 



15/1/103 
ASiJ/lVOT 



O 13/ 2/1989 

1/3/190 


71 as**- 

*' •&£ M*. 

23430 .... 

H- 04ZB& 


94 13.90 AT* 

IMS 

921/2.XA36 A 92 
15.23 

88 1/4 19.6710.71 
1AI2 

0 3/4 13.93 1SL33 

14,]} 

204 1/8 14.48 14.0 


1976 ISO 6 WKMt DEW HUE 
99. DO 9.25 3/ 2/19M 

is houms-ubuod 


A 1/2 34.61 10.00 20 


80 

1UL ' GflK DC FRUCC 

TO 1/2 1A23 15-43 

25 

1971 

nOMP.BEKBUB OF 


10A00 1AM 

13/ i/ins 

12.0 

97.50 

ASS 

is/ vim s 

SO 

1981 UEWGC COPFES 

9B 3/4 16.63 1A31 

13 

1970 

tpHHfl WWHr.il! Of 

4A0 

99.00. 1AM 

15/ 4/1989 

8 IA55 

4.2 

99-00 

ADO 

1/ 3/1983 S 

20. 

1971 LE SICCA 


n an iais lam 

» 

19U 

xmutAiBOTUc or 

AS 

lOAOO 9.00 

IV S/1986 

20.69 

10A00 

12.73 

1 / 2/1383 


20 

6.8 

M 

40.0 
75 

60.0 
40 

« 

60.0 

1=5 

125.0 

25 

AS 


1974 KiBSaUJE-ertT or SSI 
98.00 10.Z3 19/12/1986 


15/ 2/1988 


1973 mCBELPT 

98-50 7.50 

1976 HTCneLpe 
100.50 9-25 15/ 3/1986 

1976 mem,™ o'sus 
99.75 ASO 11/ 90983 
1976 UESELIH O'SUS 
99.25 9.25 15/ 9A98S 

1979 HJCHELDT 
99.25 LObOO 17/ 8/1994 
1970 RCHTTCT 
99.50 9.00 15A2A90 


84 1/2 I3.4B 12.13 
17.25 

72 1/4 15.43 10.15 

16.31 

13 in 15.96 11.03 
15.94 

95 3/8 13.96 8.91 

*78 1/4 13.CC 11.82 
15.88 

73 14.95 13.78 
15.71 

0 3/4 1AM 10.50 
1A69 


15 

Z.I 


20 

3.6 

20 

3.5 

25 


40 

*0.0 

1976 

99-00 

FORBi AOTOKHEB 

AOO U/ll/1991 

a 1/8 12-36 1AM 
16.98 

^4 

10 

1976 

lOAOO 

ZHDSG-FOfflZBC 

A 75 1/ 9/1383 

E 35 W 16.56 

A=3 

50 

2A0 

30 

1967 

s-H-c-r. 

» 15.03 

7.0 

90 


98.90 A 59 . 13/ 6/190 
1977 S.3.C.F. 

100-00 ASS 15/12A984 

1976 3.AC.T. 

99.25 A75 Uf 4AS83 

1977 S.3.C.T. 

99.50 A 00 1A2A99Z 

1980 AS.C.r. 

100.00 X 2.375 15/ 5A90 

1981 tf.n.c.r. 

100.00 13.00 15/ 2A991 

1980 S.V.C.F. 

100.00 13.75 30/ 4A987 

1975 1A>4- 

100.00 10.00 1A1A90 

1967 STKC4 
97.30 7.00 


! 5/12/1 9tt 

is nouAMS-cc&uac 

1982* BASF OTKSZCE DU 

100.00 * ll.n If 3A9M 
1982* BUP 0R8EBE XT 

100.00 11.00 If 3/1588 

i97« usnurra inn 

100.00 7.15 If 2/1989 

1979 BASER mm 288 IS 

100.00 7.23 If 2/1989 

1977 BA3BR ER TO 7 

100.00 7.50 If 5A9H 

1982* B43EX ZKt m Off 

100.00 10.50 16/ 6/1987 

110* BASER SR FDI ' XT 

100.00 1AS0 16/ 6A987 

1978 BBTELSKABH T 

100.00 8.90 1/4A983 

1977 OOSP FIX KUreCHE R85 W 
100.00 A 50 If 6A987 

1977 coif fee mira c m be si 
100.00 A 30 1/ 6/1987 

1982* DEUTSCHE BABE FIBMCR 
100.00 13.30 2/ 9 A 9*9 

1982" DEUTSCHE BAKE FDttJCCC 
100-00 14-25 1 9/ 8/1989 

1973 SUIlBVNUanJRE O/S 
100.00 7.75 1/ 2/1938 

1977 flESEEL SR F1M 
100.00 7.M 1A0AS84 

1979 B0CH5 T FSaRIEE TO 

100-00 6.75 1/ 7/1989 

1979 H0ECSST FISAKCE XT 

100.00 ATS If 7/1989 
1470 SIDLESS HESTSSH m 
100.00 9.00 1/12A985 


15.84 
SL 1/4 13-01 A 04 


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75 1/4 1A24 A63 

92 3/4 12.75 AW 

99 1/4 10.68 IASS 
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89 S/8 13.60 A48 
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76 11.39 A 91 
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00 1/2 1AE6 A 76 
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08 D0UAB5-UKLT 


82 5/8 X2-W 1A23 
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91 a/4 13.51 10.05 
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1965 CASS* PBS. IZ> HEZZOGUlKn 90 11.09 678 

97.50 A 00 1/ 3/190 S 14.70 

1968 CASS* FEE IL HBaWHMSO 91 5/8 76.7S 7.50 

99.25 A 79 1/10/1983 S 2A42 

1969 CAM HR XL NBUtKUMOO 90 2A76 7.64 

97-30 6.75 1/ 7/1984 0 15.97 

1969 CXEB.C0A0fISE POnUCn 72 5/8 13.99 10.59 


93.00 7.90 1/ 1/1990 E 

1970 ESEL 

96.00 7.50 If 3/190 8 

1967 AAI. 

98.00 A 30 If 6/1987 5 

196B AAI. 

99.00 ATS 1/1I/198S S 

1968 AAA 

98.00 A 75 1/6/1988 8 

1972 AAI. 

98.25 7.00 15/ 1/1988 

1971 F BEB O VI S IKUO STATU 

100.00 8.75 1/ 2/1986 

1970 prone it zar . . 

97.00 7.7S 1/1/190 S 

1977 OLKBTtl IWinimL 
99. SO 9.25 1/ 6/19B4 

1970 OL IV E TTI ZDDUUriQUX. 
9A30 A 50 15/11/190 

1979 Bums MmSAXTOWb 
9A25 9.75 31/ 5A986 

1970 AT.T.E. 

97.00 7.0 1/5/190 S 

1977 AV.T.A 

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1971 xasr,ctRar 

100.00 9.00 If 5/1991 

n nruAts-iKEui 


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1979 man nun: (oinr 

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100.00 J2.00 1/ 6/190 

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• 99.25 7.75 ■ 15/ lfiS/A 

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IWMJO 11.50 « r 6/1987 

1982* nco SA8X0 Electhe w 03/4 14.94 12.96 
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1977 T0UrTO|m>XE8 M 3/8 12*43 A 57 

99.0 7.75 15/10/1984 fi , 16-61 

1982* MEAT BMB nilg Mr 0 1/2 W-W HU45 
lOAOO I a 15 12/3/1987 

1982* TOUT TM U MHIOT XT 0 1/2 iUS.I^iS 


92 1/2 14.42 A 38 
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1977 TX 130 CODKAB) 
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1976 B.r.A UE BUIUWB 

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1978 8CH8AT.C0R8B60P 
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1978 BS&AT.EMQXR V ' 
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1978 WWWr.EnfiOOftg 

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100-25 ASO . If 9/1984 

1979 TO9AZ.«nfi0aK or 

99.30 - AS 15/ 1/1984' 

1964 maabcdxor 

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1972 WUXI, era <g 
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1971 —hmiw 

100.00 AS 1/ 2/150 

1978 iUbw.iifm 

100- BO ■ AW Uf 9/1966 

1980 EBSRKXFZBTO 

100.00 9.50 15/7/1987 

1979 Bg nuUFIBBB ' 

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1982* E07ORXRMB 
100.00 14-50 1/5/1589 


0 3/813.15 A 15 

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97 3/8 12-0 Mf 
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1977 SIB-KWA ‘ i ' 74 

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1972 hezeco.ud SHIES or 71 1/2 1AW 12.24 8 

100.00 AM- 15/ 3/1987 8 2AS 2. 


1964 BURLUEf OFEL4BIBMKR 0 1/4 13-48 6.37 

99.00 5.73 15/ 3/1984 . 17.73 

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1973 KEnco.nm stuns or a 
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100.00 18.50 21/ 7A997 62.5 

190* TOCO BBC 08 anuus S87 85 20.90 20.29 75 

100.00 17.25 15/ 4/1992 


7.50 15/12/1990 . 


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1972 glWMHJiOS HE0C4BBS 
100.00 ASO I/9A987 

1980 nasacins maeMW 

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42.0 

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1977 msnns k nsaco u 0 3/8 22.49 U.37 so 
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1979 
100.00 

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1976 
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1976 SBEEHttfl 
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1975 SOESC 8980 
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1973 C8BAC40 TODD 8DUHBB 
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1978 DAZSCia CHBD(CAnU)l) 
99.00 ASO 13/ 1/1985 • 

1977 Riwur BHIPMIlUiaC 

99.25 7.75 15/ 2/19B4 

1978 HTOCSZ S8DBDZZUBC 

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1978 XXKOnm 

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97.00 8.75 16/12/1986 

1971 CIE 1ST . 

0-00 A 25 15/13/1306 

1479 crcra • _ 
9A25 AM 1/ 3/104 

1979 GEE POT 

lOAOO A75 1/ 7/1969 


SM1A.U.88M UO 

94 ' 14*29 X3*3B uo 

90 m 18-45. 1A32 ' UO 

0 3/8-15*24 1A51 m 
17*24 

0 1/8 15*16 litf 35 
71 


1382*1 

IDAOO 


84. 


19*40 1A3Z UO 
2A23 . 

■ 13.54 A82 290 
17.35 • . 


1981 CXS FB 


100-00 

1980 CXS FIR 

100-00 13.73 

1982* CTE FDf 
100-00 16.00 

1981 BEE FZR 


-13.75 15/ 1/1986 


94 3/8 13*30 1AM ZOO 

82 5I» 1A8S 1UU 31 
14*8L . IM 

0 TO 1/4 1A58ZLPZ 20 
-4 

lOO Z/B 13*65 13.73 0 
100 5/S 14-95 14.91 M 


01/8 12.50 12.3S 30 

U91AEL83 Ub8S 25 

- . - . - 1U 

Ml 3A 15*3213.72 79 

US 1/4 16.68 16b0 3S 

K 3/4 13*52 1A09 
15.57 


104 ' 14*44 H*90 


. 5*3 
SO 


40 

3A0 

1977 UH OCEBSSE 
lOAOO AOO 15/ 8/19B 

70 1/2 1A87 12*77 

TO 

25 

13*8 

1971 use oECummni 

100*00 A 79 . 1/11/1 M( 

B5 

11*78 10.29 
17.31 ' 

25 

A' 

25 

3A0 

1979 lTOUCTFIS W 

9A.50 9*90 IV 3/19 tl 

05 

1Z.U U.U 
13,09 

300 

25 

25*0 

1979 8ZSUXB FT? S 

SAM AM 13/ 3/1 HZ 

71 

».«1 13.38 
17.34 

200 

40 

4A0 1 

1977 UD DTEISUTQKIL 

ZOACU) AOO U/ 3/1987 

a 

14.32 IASI 
15*99 

UO 


1579 CASTER BfflOT 0/5 TIM 

100.00 9.75 if 7/1M6 

84 

1*6611.61 

TO 

W3i* ttnenuAR ra sro 
100.00 16. SO 1/11/130 

TO in 15.13 15*tt 

65 

1569 CBEXELEK 0/8 CAP 

97.00 7.00 13/ Z/1SH 

a 1/2 83.10 A4V 
33*02 

65 

ltun etneotfo/sra^ 

IDAOO 1A00 U 7/iW 

89 

13.M U*24 

125 

1530 CXTIPMPO/Sns 

9AM 12MB U/10/UH7 

M 

13.72 12*77 

TO 


is IW* uo THTO-SIBC X7 

1L0 9A50 6.75 1/ 3/1984 

SO 1977 SELESTtOS TOST 

3Q.fi SAM 0.73 If 0/1909 

SO 1973 SZWai ESTATES 

».» ’ AM 1/ S/1K8 


90 1/2 1A7C 7-46 ZOO 
17.06 

78 3/4 13-72 1UXI 17S 
14*83 

77 14*44 ZA39 us 

MOL 


SSU^SS^nnm IB8WM ‘ WIW *»» 

&z m a*msp 


us 


13*96 13.3) 100 


I9U COTDOM* 0/8 FT* 

MAM 15*59 15/6/10* 

.1982* CBIC OEF 0/5 ra^BJUO) M3 1/4 24.90 13*01 TO 
MAOO 15,10 1/3AM7 


1971 GBBBAL UUS TIS 
58*75 AM 1/ 3/106 

1971 — HDBBU O/S HIM 
SAM A 75 15/ 8/106 

TOO GWBEBb TOOK O/S PM 
9T.15 11*00 1/4/1986 

TOO GEHEEBlii IDKU O/HTIH 
99*18 U.0 U/Z0A987 

1932* CBOBSU-MCinc IDt OR 108 1/8 12.13 13.53 35 

lBAm 14-625 15/4/1987- AO 

1982* cratox-Marts ra bzm I/O UM u-59 ao 
I DO. 00 ■ 14.625 IV 4/107 - . ■ 3*8 

1982* QETTT OH. TO 
lOAOO 14.00 1/ 5/109 

1979 OUC o/s ra 
ZOAM S.a ■ If 7/1986 

1979 cue o/s ra 

lOAOO 11.00 15/U/Z04 

198a csic a/t ra 

0.75 17-00 1AO/107-. 

.1981 ouc o/t ra . 

Mam LASTS: it z/uss 

1980 owe onra 

MAOS 13.375 IV 4/105 


1/ 5/107 
8880) 

1/6/IW7 . 3Q 

ZK l/Z 13.52 14.95 30 

10AM L5-62S 15/ 0/1306 

1931 enra - i*.«a 15.7* as 

0*50 1AZ3 IV 9/1965 

1977 GREF 6 WSIESa 3RT » 17M2 AZ7 » 

MAM A 25 U/ 2/1984. 

1979 COT IrHEStPS IHO a cOHt 9L 15.7DU71 SO 
9A50 .. . ATS 1/8/104 

290*OH5F DHTia • ' 

0.50 12.2S 1/10/107 

1982* COT OIL ED! KB3/8/H 
0.75 14.25 1/6/1590 

102 * got snm o/s ra 

99.50 1AOO 15/ 4/1 MB 

1981 GOT SBXES O/V'TO 

10AM 17.50 1/10/1300 

197L RBSB O/S CtF ' . ■ 

SAW 3.75 If 6/106 

z01*bu rism; . 

99.58 15.50 15/13/108 

1982* BESTS CUCEBL OKP HRHOf 99 5/8 13*77 U.SL 48 
lOAOO 13.75 IV 4/1589 . . . . • . 

1972 ESZOBTO W- 13-61 9.UT 7S 

97. SO 7.75 1/11/1987 . . 17-27. .. . 

1978 HOEPIXU 0/5 UP ■ » S/8 1AET 9*41 » 

XOAOa AM 15/5/103. 

1981* EDBOTOU PIK IKIL TO- 1/4 14.64 IASI ’ 75 ■ 
lOAOO LAM 1/12/1988 

1982* XBX CREDIT. O/S ' • ' ' HR 105 1/8 12*39 LAW » 
.0.0 1A875 18/8/107 

1982* DSC THRU) HIDE MRP 
lOAOO 12.23 1/10/1993. 

1981 UK HBOS TRIBE ^ . 

100-00 12.50 1/ 2/108 

im rot 1 ^ 

IDAHO 14.* IV I 

101 IKfiBDi&TSADE • 

10A00 14.75 30/ 7/19 » 

1970 XUAC- IM . ' _ «*' 21*97 15.39 

I0ADD . 9*90 It 6/108 5. 25*40. 

1977 UBHRHaiTVm 74 17*2011*12 75 

IDAOO A 75 13 f 6/1987 

1978 tt WORSttM f» CMF 00 19*flt tUS 23 

10A00 9*n 15/ 4/1985 gy) 

1982* IS IW E B l ia Di fi FXl "W 94 1/4 15.0 1 A85 (5 

92.50 14.00 15/9/19*9' 

1962* IC TfiMBaiES FIH 3H K 1/2 15*89 35.1* JU 
52*50. I4.M .15/5/1309 

im naaspiMAro nr ra B 1/2 XA75 uur aw 

M0.fi] 13.25 15/10/1935 , 14.93 

1966 ' TO EUnESfiR O/S 30 ; 54.21 17,36 JM 

IDAOO 9-DO . If 6/1306 8 6U35 . . 


.- MJ1 rozDOHSU* '. 

9AM • LA 50 U 3/1999 

ini OTAsnuzs 
10A60 AM 1/3/1909 

'1982* oasis OH 6 sac TO 
IMS 19-75 If S/3909 

im l a m oo t r xm nmxmu 'B9X/s u>22 iaq 9 

9A30. AM IV 6/106 " 31.9 

1971 XBOOTACUIKTO. PHI. WX/«14U9Zlkfl9 14 

IDAOO ASO IV 4/106 ■ 17.97 13.5 

102* mr H4K 0/8 CBP ST 0 112 14.71 U.0 TO 
IDA DO 13.50 1/9/106 

W W w W* 83 «M5 » 

MAOO IM15 15/ 5/107 • 

}S82* Kn HUKmx~0/S CAP . ior S7 U8 1A43 1A03 160 

lOIUX) L3-6Z5 iv 5/107 32JD 

1982* wrnrvwur soacus ra. ~ 107 x/s i5.il IA87 ' in 

lOAOO 17.00 IV 2/1989 ■ 

1980 HOGMAfiOntmilHr TXHHf M 1 55.VU.06 20 

99-75 13*50 1/5/105 A5 

1982* rout 8WH 6 mn nr lik . u,o u*w n 

MAOO . 134)75 26/ 3/1984 U.6 

1982* XBU 8»L*H t MOD PM . 102 S/8 1240 1A60 2D 
IDAOO 14*00 26/9/105. . 7*9 

1982* HHTL EXTL'S t FMD FI* IDS V8 12.99 13*55 TO 
lOAOO, 3* 873 26/3/1906 

i960 'mobs, roc ra 

0-M 74» ; IV8/106.S 16.50 

1970 fUBBHZO TO . "M 12.95 9*62 SO 

04SB A 75 19/5/10 - 1MZ 

i9W*aczr*M borer ha n* 01/814^514^8 50 
*UM 14.23 1V9/19C9 

1577 ’TOMBS TO COBP *7 3/4 JA0 All 75 

0*5ft . AOO 1/LQ/UK 23.09 . 

isomhuous atoms 

lOAOO U.00 22/ J 

M82* TOMBS a/s rss 
MAW. 15-00 22/ 4/I98S 

im iumxEQ/8ra 
5A50 15.73 ur 7/106 

He* mOBar o/s ra hop' 

lOAOO. X54T75 .1/6/1998 
im rotauBMcnincra ■ - 10 .. 15.52 lak as 
9A5Q 17.00 iv 9/089 - - 2941 

1972 UR0 *n BOCIlttLC 0/8 0 1/2 15.00 Uh3l 30 

99-50 I*B 1/ 5/1587 " " " ' Ail . 2341 

ifn*Mtttaann.rsr' • "10s 77 * iam m*» zs 


101 PSW TO «R w s w 

0*» 17.00 TV S/106 

M72 EAiaroo rsma o^nJi 


17.015*35 


MifliLBtn 
17-22- ■ 

. TO m 15.00 ISM 


69 1/2 16*34 A54 
- 17.54 

85 1/1 364)6 848 
-1B.S 

75 7/8 184B 1546 


» 2A63 A*5 

'0 7/8 IMS 13.50 

« 3A 13.24 AH 
-ZA48 

a 1/3 19-54 LAM 
-13.76 

83 L/4 IAOS 1A» 
16*41- - 


jj.49 A 72 UO 


= W 104 3/012.73 U.37 73 * 

ar w V/OiAos 13.06 so 

lW l/4 13*59 IA71 SO 
■ i» - r|A01S.M- TO 


TO 1/8124012.10 75 
103 3/4 LZ-41 12.05 29 

lA5 

IK 3/4 11*42 14*08 a 


lOAOO 17*25 15/10/108 

i«o wrwBT no ra bp 
108,00 IMS 1/ 5/1987 

xml occnartL o/s cbf 
984)0 . 7-50 1/ 3/104 

1978 accncscu. TErrnr 

99-00 0*50 IV 1/1300 

1377 OCOlOTCB, C/S FIR' 

1004)0. . A75 1/ 2/107 

i?7* oeamim nr rra 
99*00 A 875 If 6A985 

1979 occnemL me ra 

99-2S 1A25 1/ 6/104 

1982* OCdnECZU. TV ra ■' 
MAW 16-75 1/3/1987 

•19*2* BRXD EOCmrra ■ 
10040 17-23 1/7/1967 

hr* nun btimb hr t ' ■ 
51*75 17.50 IVlOrtnS 

un' OBEwrotniepiBBcu 

lOAOO AOO 1/8/106 


2041 

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■ 34) 

V 1/2 LA 13 ACT 125 
■ -23-45 . 

' WI/8 85.60’ AW » 
A6 

- 75 17417 11.67 3 

• 15*0 

D -'- 17.27 1049 30 
... * 23.0 

WT/8 17*13 U-33 100 

MT' 3(*3li(*58' 1U 
ZW 1/0 1A80 XA55 so ’ ' 
105 16.131647 » 


SAW 7.9C 15/ 2/107 

101* RCA O/S 7ZS BF « -IF 

KHJ-00 13.90 IV 1/1*87 

inn unaasr-GouixMC 4H - M' 

■ 1004m A35 1/2/1396- 

M78 nmuicE m vansnHwg 
LOAOO 6*25 U/ 2/108 
1178 UUMCK fiMSKDOTfiOR - 
lOAOO 7-25 15/ l/l SOS . 

1980 REFSXEEZ, 0/9 PIR. 

97.75 1A» 1/ 7/1988 •' 

102* BEZHOUS HUMS' BUTO FI10 5/8 1AS2 AM 
99.50 1AM.90/3/UV 

X3T7 UHWDS * J O /S' _ 

10AM 7450 U/U/102 

1982* nmanB r'j o/s ra 

10Q.M- 12.71 . I /1 0/1389 

19)0 nEHARDSOB-NStraL 
0.75 A 71 IVZ2/Z05 

1476 HOT re.-nre ra -- 
. 10AM HUM 15/ 7/106 

1471 ■corrreFeso/s - 

93-30 A 77 ■ u 7/1906 

102* SOTS o/S ra' - . KT 185 1/2 UAL 13,15 
TO.M 13401 15/5/108 - 
1982* 8EUCS OfS FW .0 182.3/8 134913^5 

10A00 . . 13-875 15/ 5/19*8 ■ • . . 

1931 SOUTH CKlFDBim WSOM IK S/8 12*33 Z3B38 ~ 
9AM 14-00 1/ 4/1987 

I9B2_ score cmnnn mam- sm sn iMtlM) 
59J5 1A71 It 7/1988 

- res2*B0REH CAtmaarn smear- MV on 13-57 14*18 
10A00 lAOO If 5/1909 

.101* sootra cBao w m nreoH iK 7/8 X4,38 15*67 

100.00 1A71-.19/1X/19K 

.1987* snrtH cuifdrRxb as m m in 144» n*w 
1004)0 IA75 1/9/109- 

J»K* 80BZR CUDCZm BUCSCU IB 3/8 IAK 1KU 
MbSO &» IS/ 4/1909 
1982*"8EBR8P bMCBD HP ” - 
lOAOO 1 AOO . If 9/1989 

ion J snnuD on of nonxA ' 
lOAOO - A 3>5 1/12/1988 

1973 STBSOOT Ott OP -XSDIAK 
97-50 A SO " 15/ 8/1988 . 

/«7' sonensw ra me 

99.90 " A75 1 1/6/107 

1476 Wuirfiimt- nx «p 
99-00 9.75 -. IV 2/1983 

.mb* snroaoR o/s ra 
MAW U4» if 0/1909 

lire Sheds ofs cbf /"■ -79 3/4 iabt iaoj 

9ATO AOO u 3/107 LA 79 

w^ -mnrpntiicr ;. - » 91 17.00 7.1* 


1023/614. 33 Z4.M 

«4t/T 12.06 J.R 
•-••• U.1S 
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73 -V 1415 1147 

97 til UK 184m 

in 1/413*19 13*36 


in 


13.93 10*47 30 

1AM 25.1 


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litre 13. R 45 


vpcnnanetutflMcja tasani3.iSU.vo ta 

lOAOO 14*75 IV 8/1990 , - 37.3 

1S82* uanc Ol 6 EDC VZH 105 1/2 U4» 14*6f 73 

lOAOO 15.50 1/ 4/1599 

190* IBCOie CISC' EUCPW 105 3/81 All 1A9S 20 
MAOO . 15*73 15/ 1/109 . 104) 

1981 PACIFIC 0* 4 ' ELECT FIT 107 14.1314*15 50 

99.0ft . , 1(4)0 1/6/100. 

im none uotrac a/s ra tv 1/2 law io 4 S m 

38*50 , ADO IV 4/190 - 17*03 - 

1981 HCITIC EBBIMB TOR* TO’’ ’ Z5.U 15*44 50 
10A0O . 1A75 1/ 7/1309 ... 

1MB IBfifiBit ttOTUb.ro DC ' H 3/4 12.81 LACS 60 

_ gj.7 

IBS "3/4 1941 1ASL 30 


I960 XSHUnBBLa 


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94 3/4 12-53 LU61 IS 
. . . 3*3 

M 7/8 15*20 12.38 35^ 


US 1/8 12-76 13*32 2T- 
11.3 


89 3fi 13.82 1AV 
96 an 12*0 11^1 


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17,5/8 13-48 13.19 25 
Ml 1/4 13* V 13*21 0 


» 48*47 25. 59 0 

I960 TO ironua SOtftTOB 87 1/2 1A71 6*57 75 

-97*50 AW Xt.3/1906 15.81 

1907 TO RBRDBU .ELECTOC 
99.00 AOO. U/.fMt 7 
1971 IZZ SIUUBI) EIEnUC 
MAOO A 25 1/ 2/1996 

197D TO 'nUOHB EUemM. 

IDAOO 9.00 1/ 4/1383 

1971 Z8F8XBBBUB EUenXC- 

100 , od An itwian 

1977 I. A OmSSBg m .. 

IDAOO A 75 U 7/1387 

1976 x*a anorou ns 

- 10A0D A 89 15/12/105 

MB* 7W i jnK»0R^lg^jW) 100 3/4 1AV £A» .50 

1978 TOT. RDDEE 

Z00.ro An 1/4/Utt 
1978 aanqnnr 
100.00 A73 1/1Q/U90 


B 3/8 1A09 7.05 15 

U-B. . - 5-1 
67 3/8 LA 12 A44 35 . 
15.78 . 

91 1/8 1A33 Mt in 

14-91 . r . 

06 5/0 IAS* 10.39 20 
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' 76 1/4 'l7. H U.78 IS 

17.29 7J 

V. in SAB A 77 TO 

LAB . _ . . 


62 5/8 SAM 15-57 So 
62 3/111.28 1347 ISO 


10A00 9MS 15/ 7/1907 
■IMS* fHHifiam Quito, m 
100.03 13.75 1 / 9/1392 

19» EBBBC JCD/tFOT ’* 
9A5A - A So if 8/105 

I960 HStBCJCTOCBr . 
MAW . LASTS 1/5/10* 
1900 PEfittt j C 0/3 ttF - 
MAOO . 1AM I/- 5/105 

1972 . B9R4LT B/8 VZH . 
■31.50 AOO 1/ 5/107" " 

■ 102*0HBOtt O/8 TS ’ -‘ 
9A» 15*25 1/ 4/1398 * 

1379 OTSmi CBF' . 

MAOO A 25 1/ 1/104 

.i^' b, aS?”5^s? 0 


96 13.71 MS 90 

14*4 . 

KI/S 13.74 12*87 20 
7.S 

Mi, 3/8 12*75 13.32 " » 

'B '- 13.13 9*0 20 
16.31 A8 

» 7/8 IA221A27 20 

11*0 

96.3ft 12.ro A 60 M 
. 5041 

. A 65 A 18 uo 


19n MttCTfifiOS TO CAT 851/212.18 AM 30 
J8-5T AM. 1/ 4/106 , 13.77 - ja* 

MB* inuras RSHEEat TO ’in 1AM 13*39 0 

u».w . 144m 1 / s/mo 

1975; I0XLUD ORUL Etnr ‘ 89 ‘ 1A40 1U24 20 

0418. 10-00 1/ 3/1984 . iLf 

iSSo^*5!S®?S^/SS5 ww , u^fij.0 • is 
m2* ancHiu. o/s'roarac "mo- »/ s iwo-iam to 
100.ro .12.75 IVM/207, • ’ 


. lOAOO AM 1/10/103 

1972 - T8BHB71 are 

9A00 7.75 1/11/1*87 

iw tehbb) nrt 

9AM 7.75 IV 5/107 

IMi ' TESRBCO IRT • " 

9AM '17.-00 1/10/109 

IH2+TOEU nmn ra 
100-00 IA75 1/ b/I3M 

MR* ions Euan ra 
10AW 15.173 15/12/108 
.1972 'XEXBM TO 
. 100-23 7-73 1/10/107 

ino luruot vuam-.'nmox 
1A!5 1/unm 
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re-pa tto 3/ 9/106 

1971 TUBUTOSUH O/S TW 
l«u» ASO 1/12/106*. 

200 3M8MHERKA Fin CORP' 

1A75- 12.I7S B/Vt/USS " 

2982*00800 TOW : 'HR 1QT 

TO.W 1A15 13/4/107 - 

102* TKUSCO 1HI OT 
lOAOO IS. 25 13/4/1987 

mi-auusocEai tmr oil 
Ida B0 7.M 1/ 1/1987 

MM nBBDCnir COT OIL 
SAW 8.00 l/U/104 ' 

mi noEonu mi aa. 

97.S0 ADO 17 SAW 

1970 tsAeoctm golf on, ; 

VMLm 9-0 0 13/10/103 

iwi tehee ca o/s ra . 

lOAOO 1ATO 1/ 3/106 

IMS' TB Q/S CLP 
99.00 . 7.25 1/11/103 

im re? a/s ra- -• 

SAW A75 L5/U/UW- 

wro her emesux ra 

90*75 1J.5Q 15/10/190 

wnw ttBszoe o/s ra 

100. DO 1A73 V 3/190* 

M 7 T tain ott.m mr - ' 

IDAOO 7*59 If 2/107 

1979 AAuiMIBC TOA FIR 
-W.M 1A00 1/ 6/2914 

M72 uzkh nr ra 
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781/2 14.54 M2 

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03/8 14. L2 12.JS 

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lOAOO 12.50 15/3/1189 • "■ 


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100.00 8.00 1048 

1972 QPBMBM8B ADMC8A ttC.“ 85 1/4 12-71 S.68 

98.00 8J5. l/*/mr 14J7 

1971 QCTnria icamogH • sr d>« 5.77 

98-25 . 8.50 JJ 3/1386 ■: 1UL 

1912 3C8mdUnrlV8tn9 •' 863/8 14-57 SL26 
98-30 8.00 15/4/1983 15.26 

1972 TOLL TO TOT 83 - ' 13.16 8J2 

100-S) M0 =. 13/1/19*7 , ; 13.10 - 

1977 SBU. H® * 8*1/211.76 8.96 

UQ108 7.75 ISfltlMT 

uojo ""^B.Sf.^f/ia/isas - • 

M77 nuoum „ 

. 99-00 .US: 1/2/1990 

U66 TUSAurarm raCB- * 

100.00 6.50 51/10/1985 ' 

1967 TOXSALKOt lli 8DK8 
98-73 6.75 30/ 4/1983 

.- . 1966 TUKAIfXB-Pnr BOSS 
98.5* 6.75 . 31/ 7/1985 

1972 lum-fflSim ouuhe 
98-33 7.50 11/ 1/1988 

J. 88 MUU9-SOTWMTDMU 


45J 

25 

2U6 

50 

5UI 

125 

125-0 

150 

M241 

40 

49.0 

100 


■>}27Lx ®* n E E £5- , *i£ A515 '76tftiz-8a.ii.76 us 

100-00. • : 9.00 U/-6/190 . ' - . . n^3 

1976 nntMWBUCLmr: ~ Tt 
99-00 SJQ . 1/9/1996 .8 .. - 

-Jg»T ™5"5 E s " i ?A 55£' - 76 1/2 »te 12.28 8o 
100.00 9-125- 2/4/1997.8.. 14.85. . Sy 

1976 BBflHCW 0086 6 OTl ’ K 1ft 12.26 10J4 30 

100.00 US 15/1/1986. " ' - -1249 - 

M78 nmntUKQOkx;» ran 69 x/z ia.i? zm uo 
99-30 9.23 1/ 4/1998 ISA . ", 

1978 nwsuxoou. 8 ETT3L 08 68 14.26 1404 20 

WJO 9.75 - 13/ 1/1999 . . 18.78 ... 

1979 Bomnurcou.6 STEEL' ' 77 3fl 13. 54 13. 00 -1 rwi 

9641 9.15 1/8/19*9,8 1441 . 

1 979 HBORUK COIL * SHOO, a SO 7ft 13.02 U-44 x 
■ 99.25- 9.25 1/7/1921 ... 13.71. . 


93 1ft '12.68 12.04 3D 
13.07 .• 


100 
40 

' 22-49 MO 80 
1J-44 

12-56 10.31 300 


50 1/710.24 7.]8 
, 23.30 

93 9/119.56 XOS 

92 3/4 9.78 7.2ft 
11-30 . 

75 5/6 24.35 9.92 
IM7 


1976 isn OTUMBK UK 

99*73 8.623 1/ 8/1916 I 

1975 coucu. or snore 

' 98-75 9.25 13/ o/198* 

1981 BM1M 

100.00 12.875 1/ 2/1*90 

hoi* ntm - - 

100. DO 14.50 30/11/1991 

1977 ISRfltllU. 

200.00 7.50 15/4/1983 
' 1977 mresiA. 

. 99.30 7.50 - 13/ 1/1984 

1977 menu. . 

- 99.50 7.50 13/ 2/1988 

1976 ■UOPMA 

.99.25 «. SO 13/2/1985 

1978 RUnMA' 

■ 99.50. 8.50 1/7/1985 

1978 sauna* . 

100.00 , 8.50 15/1/1988 

-1978 raumu. 

98.50 8-50 ■ 15/ IftSU 

1982* aainrou . 

100.00 14.25 25/5 /J 590 

-1984 ntmw COIL 6 EI8EL 
99.00 J.U 15/U/UU 
3966 moral COIL 6 STSS. 

> 99.50 6.30. 15/ 6/1986 

1966 EOUnUR COU. S STEM. 


88 9ft 12-92 1MB 

94 1ft 13.25 MS 
14.71 

98 UK 14.38 1341 
13.00 . 

9*lft 14.86 14.79 
. . 14.93 
94 5ft 18-49 7.93 

H 7ft 14.76 6.16 
19.91 • • 

77 7/8 13-52 9.63 
17.98 

971ft 15-44 8.72 

85 1ft' 13-29 9.94 
15.64 

79 1/4 14.32 10.73 
15-44 

79 7/8 1341 10.64 
16.9L 

100 1/4 14.15 14.21 

89 3/8 13.61 6.25 

21.13 

85 1/2 11.49 7.60 
14-49 


75 

73ft. 
70 
78-6 
25 : 

25- 0 
26'. 

26- 0 
65 

63.0 
25 
ZS4 
25 

5.0 
20 
4 -0 
15 . 
4-0 
25 
8.9 
75 
53.7 
30 

37.0 
75 
37.0 
25 
22.6 
SO 
35*0 
75 

35 

60 

73 


1980 HUM (OIL 6 STEEL 
99-75 . U.30 15/ Z/198S 

,is«D nKorautcou. t steel ’ 95 3ft 12.59 12.03 m . 

100.00. JL.50 13/ 3/1988 _ _ . 12.92 . . . . . 

1979 SOROnOB COIL & 8TERL 86 ' 14.87 13.52 ». 

. 99-63 11.629 2/1/1190 .. . 

1979 HODfEM CTJL «! 8Tm CK g 1/4' 15.23 13.18 m 
,98.88-. 11.50 13/12/1986 ... ... . jsLo 

19«._ HKOrSMI EOAL i I T. Jt& 3/S 13.37 13.81 

99.50 ius sal von. r" 

'• 29C* Mini DHL 6 STEM. 7 
99.63 14.75 .26/3/1987. 

1977 uunAV-coauiin - . 

■ -99. 00 - ;7.75 1/6/1984, 

' 1980 8MBit m i WW I I T 
: . 99.90 U-OO W/5A995 

' MU- nuBBMidnBnrx- 
100.00 u-so 1/ 8/1995 

nsi nmorapanm 

'-99.50 13.25 10/ 2/1991. 

' 1980 UtOKUl COHhlKlXl 
99-00 13.25 19/12/1995^ 

- i»8i ■annum w wim 
' ' 99.00 14.75 -20/ 4/1999 

1981* HBcnjut cUntanrr 

mun 19*50 wanna 

1964 EBUFE1K mssomr Bfl 
99.50 5.90 U/U/UH - 


99.30. 6.00 15/9/1985. 

1966 IURH Hiumnitu 
99*50. . 6*50 1/ 8/198$ 


«W»10.» 7-» 200 


6-30 1/ 6/1987 


12.99. 


1972 8DBWEU meSIKEKr WOK 73 3/4 13.81 9*24 Too 
99-50 7.00 15/12/1987 . 14.78 .. 


i»2 ratomu a n a s wBog sue 77 

58.50 7.25 15/10/1987. 


13.89 9.42 inn- 
15.88 


1973 EBKKXAH Jiwsuoar BUS 75 1/S 14.15 MS' 
98.30 - 7.25 15/ 2/1988 13*92 . 

1M* EOUBSfii gmsnsair.BHK. 90 3/4 13-OS 8-44 40 

98.50 7-50 1 m/1934 S 17.91. . 

1972 BBROnUX MUUIHEU UK 711/4 13.96 10JSI 23 

.97.90 7.50 15/ 2/1990 ■ 17-14 . - 

1977 mono nma- MlM T UMC 92.1/4 12-60 8.58 «U 
99-73 7.75 1/10/1984. A. - , 

1977 8U0IW OTESnrar UK 95 2ft 13A* LSI xn 

100-25 8.00 1/4/1984 . . 

1973 ' BMRU X8W3 VO K t UK 185 1/8 6.99 7.61 290 

99-50 S-OQ 15A0A988 . ... 

1976 80UK4W li n sg pg a it UK 95 3ft 13.90 8.(5 2m 

99.50 8.25 1 1 9/1981 


14.77 9.38 200 


4.5 

W.M 6. SO 1/12/1986 

. 15.06- 



180J0; 8.25 1A1A983 . 


1967 mOFEAl COAL A S3 ERL 
. *8.50 6.50 1/ 3/1987 

89 Sft 10.73 
14.26 

7.59 

50 

1977 moral wBiamg bak 

100-00 8.25 ID t 1 / 1985 


1967 MtllllW COAL 4 STEEL 
98.50 4.625 1/10/1987 

85 3/4 10.42 
13.99 

7.73 

30 

1977 RMMMfWWMHIMr 
99.75. 8.25 1V1V1387 . - 

24-0 

1977 EOE0FBAS COAL 8 STEEL 
*99.50 7.00 15/ l/l 90S 

72 1/214.83 
20.12 

S.66 

SB 

1977 ™»mit wwimm*" 
99.73 ' 8-25 1/ 4/1*87 

30 

1977 EBSOfCXN COAL 6 flTCB. 
99.00 7.(25 15/ SAW* 

88 in X6.U 

8.6* 

60 

1970 EOSMAIT INVESTMENT BAK 
99-75 8.375 If 6A9S6 

V.5 

1974 TOflRAK C06L L USB. 
100.00 7.75 1/ 2/1989 

381.3ft 746 
7.25 

7*64 

100 

100.0 

3977 BBS0V4X 08001 UBK 
99-50. 8.375 1/10A991 S 

30 

1976 ZraOKAH COU. 6 STEEL 
99.50 8-00“ 1A 2/1983 

90 7ft 17.17 

840 

25 

14.0 

i97i moral unmwMt he 
100.00 . 8.50 15/ 5A984 

25 _ 
10.0 

M77 moral COAL 4 9TE8L 
1D0JD 8.00 1/9/1986 

P 82 1/2 14.10 
18.77 

9.70 

30 

27.3 

1973 morm uvEsnmr sine 
98.50 8-50 1V12A988 


35 1976 SOUKM COIL 6 STEEL 92 22.91 9-03 100 

99.56 8.125 15/11/1984 C. 

10 1977 8UOUW COOL « REEL t tt 14.35 10.19 UO 

100.00 8.25 15/2/1987 . 

SB 1977 nHRM CUL 8 STEEL M 1ft 12.35 10.12 10*. 

47*0 100-90 8.25 1/10/15W9 13.39 

150 • 1975 BURnOU & STEEL 98 3/8 U.30 8.69 » 

99-90 8.375 15/ 1A«» * 14.4 

30 1978 ZDUrUB COOL 4 STEEL >8 ' 14.64 9*SZ 40 

99.00 8-373 15/ 2/1983 . 32.0 

23 1976 EQtORlK COIL 6 STEEL 0 17 1ft 12.80 9.71 50 

Ujf 99.23 8.50 2/ 8/1986 - - 15.27 

20 1978 8U0PU8t»U. -8 -STEEL » 1/4 14.89 U.76 50 

20.0 99.00 8.50 1/3/1990 19-17 

75' 1976 OBflMtf COIL 6 SIBIL 94 1/2 12.94 9-34 IDO . 

• 59-50 8.625 If 3/1984 5 

30 1978 XOBKAB COAL 4 -STEEL 78 13.(6 11.22 100 

99.75 8.75 15 f 6/1987 

180 1977 BflROKAK COIL * STEM. 73 3ft 12-76 11*86 75 

87.0 100.75 8.75 1/10/1997 13.57 73-0 

73 1976 BUOKU COU. 4 STEEL *75 3/4 12.98 12.06 ft 

75.0 99-00 8.875 15/11/1996 8 14.95 

50 1976 8U0RU OOAL 4 STBS. T 90 3ft 14.61 9.15 ft. 

100.00 9.00 15/ 1/1913 75.0 

25 1978 KURM COIL I SWL 80 12.50 U.25 W . 

21.6 100.00 9.00 If 4/1990 13.05 «»•* 


197S _ 

99-50 8.50 If 2/1988 


13.82 . • ; 

85 1/4.13-01 10.21 jgg 


1976 8U0RW HWSME8T UK 94 3/4 12.96 9.31 «, 
99.75 8.625 1/4/1984 S 

12.95 LS9 uo 

11-82 9-51 ,« 
14-22 


»!6L 8.425 ■ U 3/1585 S 

»h BRBnur hubswhbt kjk sc 
120.00 8.75 U 1/1386 


1974 BKOBEAT nfESWBrr 88K 85 3/4 14.08 10.20 2U 
97.10 8.75 15/ 4/1986 15.12. 


1976 iinimnAn i nwu m m i «ur 80 

99-25 8.75 1/9/1988 ■ 

1977 BUOKMrnfERKm BOE 83 

100.00 ' 8.75 1/4/1992 


12.47 10-29 n 

80,0 

11.80 10.5* 330 


1978 Booms HBBStHEBT UK 75 7ft 13.U U JO im 
99.50 8.75 1/ 2/1993 . 

1978 mams' u uBSuaw hk so 3/t is.07 10.29 

99-30 B.875 1/10/1996 . 3 , 

1976 monair mvETO ta g w 75 7ft 12.94 12.04 200 

99- 30 8.875 15/12/1956. 8 . 14.84 . 

1975 I Z MO m X IWUliUlil MR 99 3/8 16.96 9.26 wn 

100- 00 9.00 1/11/1981 8 

1977 motEur nWKBiuuE in 76 13.03 12.19 sm 

100-00 . 9.00 15/5/1997 i 14.77 

im nmn uviwunair w n z/z 12.92 lLfi w 
99-50 9.12s if man ilsi 


im 1ft 13.58 14.25 10 0 

' - 1MLO 

92 UJ3 2B» 

88. “ 32.95 12-90 150 
. . 13.50 . . 

801/4 12-» UA g 
EWZ- : . • 

90 15.41 14.72 Tty) 

• 1S*89 - •« VXM) 

94 14.2614.10 in 

. 14-49 . 

IIS 1ft M.W MJS jm : 

- 13-92 v 

106 14.7* 14.90 260 

14.31 

■89 1ft 11*09 6J5 100 

. . 15.28 ■ . - £00,0 

80 10.51 6.74 up 

22.69. . . . 

87 3ft 10.67 7.44 im < 

13.14 .. 5a.o 


1978 HMTOB auauuu mc 751A1LUIL6 2» 

99-00 . 9.129 1/100998 8 13.90 

''ins BUorsAi a uvuinmt me m 7ft 13.30 12J6 190 
...99.55 9-25 1/ 30998 8 14.11 

1975 moral BHXBUBIir UK '92 3ft 23^8 UA8 280 
100J0. , 9 JO. 15/ 2/1985 - 13.60 

3979 hum mi mmuu tat 87 7ft 14.09 10JL 300 
S3-« 9J0 ■ 20 f 3/1986 

1979 TOwewr maunBJfl g UK 91 5ft 13.15 UL7S 14s 

99.50 9.615 15/ 2/1986 8 

1979 moral irosaCEK BEE 6* 16-72 U-95 uo 

S9J0 , 9J25 15/ 2/1991 

1980 mmu snssmnr B4K E8 ift 13-24 u*0fi z» 

100.00 9.75 If 7/1987 

1979 momn n wmiMr ug 81 lft 14.20 11.96 225 
-MBJO 9.75 15/ 5/1989 

1979 mancu XBTESIHEMr UK 78 lft 14-24 12*42 300 
r 99-75 9.75 20/ 3/19K 

1979 8S8sraur iH i awim r us 90 . 13.18 1LZ7 i so 

JUS . ,9-875 1/ C/1987 8. 

1979 moral Mummmr mk 79 lft xs.33 12.U 150 

1DOAO 9-879 13/ 3/1999 S IMS 

. 1979 manmi b iuiuh ik so 13- 37 12.89 400 

99*00 10-00 u 6/1999 -8 23-68 

I97» morai amn m r nc 90 1 ft 13.17 IL» 400 

■ 99-60 10.125 13 f 9/1987 8 

. 1979 mumi nvEsnmr uk od 7 ft 13J8 12.94 200 
99-60. 10-15 15/ 9/1999 8 13.84 . . 

1980 moral limBM iK huilhilc sto 

100.00 11.00 15/ 6/1988 

i9» moral mssffiEir bak 96 IU7 12.41 im' 
99.15 11.625 If 1/1987 S 

1979 moms ilHBUHOU 14BC 89 7ft 13.71 13J7 400 

. 99.75 11.75 15/ 1/1992 t 

1900 moTEAl DIHOB X4K 91 lft U4D 13*44 300 
. ■ 98*65- 11*875 1/ 1/2000 8 13.78 - 

1980 ROUIJIuninuK 97 7ft 13.71 13*45 5B 

. 100-00 12.75 1/10/1 9 SS s 

1981 morait isvssMiacr mkc 97 3ft i3*u 13.DS 3so 

100.00 12.75 15/ 1/1988 

19H BSEOrai 1 HEESUEBE UK 97 3ft Z3J3 13.00 75 
94-65 12-75 1/4/1989 

im momi jman uK uo lft 13.92 13.92 100 - 

- 9*J0 13-50 XAflftOM 8 13.91 A 

■■ 1980 momi uwamiT MK 100 7 ft 13J1 13J3 325 
99.30 13.75 15/.' 5/1990 -i 

2982* moral MVMUinoir UK 204 3ft 14J5 14.85 MO 
100.O* 15.50 15/ 3/1989 34.05 -- - 

JM2* moral n wamm c nc 105 1/4 ZM3 14.73 :4O0 

■ 99.15 15.50 19/ 7/199Z J 

im maras ameniEsr uk ids imo 15-u 400 

100.00 16.50 15/ 9/1985 / . 

' 1981* moral MnEsnmr k ill 1448 1349 400 
99-73 16.75 1/11/199L ” 

1982* nm-AHBcaai bet UK MB 3/8 14,12 SMS 300 

100.00 15-125 22/12/1987 ^ 

1977 acme misuBir UK n 3/8 isju *M0 75 

200.00 7.75 1/ 6/1984 T 

ins aouuc ii ra wr g a g uk to. ruA vu&f 75 

100.00 - 8.75 15/ 5/1988 

1977 nu&SC B7/IISH L3 225 

100.00 7.65 - 1/ 5/1907 S' .*■ - 

1977 VOcis UK 83 5/8 6-72 5-43 250 

100.00 7.7S 1/8/1987 S j 

2576 WILD UK 85 3/0^12.77 9.34 

• 99-80 7 JO 1/12/1986 S. J 

1975 H08LIMK , S2 I 32.69 9.05 25 

100.00 B.15 1/1/1985 S / 

1976 mu UK 080/4 12*76 9.72 30 

1B0.00 8.375 1/7/19K X / 

1973 mu HK K 1/4 12.77 9.65 60 

100.00 8.(0 15/ 7/US ■ / 

1975 rnu UK &0 7ft 12.75 9.98 100 

10QJ0 8.85 15/12/1985 ~ 

19*0 mu UK 

100.00 9.75 25/ 0/1985 

1980 mu BIK 

360.00 10.25 15/ S/lSSTi 


tw *> 30 
0410 30 
MB 50 
DAD 25 
0*0 40 
040 30 
040 38 
040 25 
040 200 
040 50 
040 75 
040 100 
040 325 
040 U0 
040 200 
040 68 
040 SO 
040 50 
040 75 
040 UO 
040 30 
040 50 


‘isnsjfm 


I9BZ* mu UK r 

99.75 13.25 1/U/19K 

19K* BDBUJ BAK ' 

• 99.30 14.25 HI 5/1987. 

1981 mu UK 

98.50 14.375 1/7/1911 

. 1982* BBU UK / 

108.00 15.00 1/ 8/ljp 

1981* BBU BAK 

100.00 1SJO 
1982* BOBU BAK 

100.00 15-00 1/ 8/MSB 

‘ 1982* mu UK. 

99.50 15JS 1/4/1588 

1911 nHE / 

100.00 16-00 X/ 4/1986 

1981 muMt , 
100.00 16.00 6/ 5/1988 

1M1 muMK- 
100.00 MJO 3Q/9/1986 

-2981 BBIUK 
10040 16.50 30/ 9/1988 

a BOUS&-EEHO conroB 


19®* jwen HED1CAL Z» 
14.00 . CUM 12/ 8A997 

im* auaen judical nr 
8.25 9.00 12/ B/ZOOT 

1982* jHUBTIC 8JC8TOU 0/5 
25.75 0.00 *f 2/1992 

1983* ***** XBT TO 
24.TO 0.00 25/2/1932 


32 3ft 13.04 10.51 ZOO 
90 7ft 12.92 11.28 40 
100 lft 13.21 13.23 U0 
102 lft 13.43 13.90 30 
102 3/4 13.34 13*99 25 

104 3ft 13.56 14.32 70 
ZDS 14-23 1440 25 

105 lft 1344 1447 25 

105 5/8 15.65 1444 50 

106 3/413.371449 25 

107 24-05 14-95 30 
13.63 

108 5/8 13.5715.19 30 

109 3/4 13.99 1543 50 

25 

131/81444 0.00 70 
B 13.56 0.00 50 
32 7/812.64 040 40 
29 lft 1346 0.00 60 


xgmii BBKntB BOWS Oft TO 325/8,22.71 

25 JO P.OO . 9/ 2/1991 . 

1982* BBBDrzenL O/S TO W 363/4 14.78 
32-70 OJO IV 2/3990 I. 

Isas* riwiftr. me. a/s cn M 3ft X2J7 

27.00 a JO Z V 4/199C . 

imeummimm 27 3ft 1444 

34 J0 . 0 JO 11/ 8/29SC . 

1982* CJCESSPXEUK TO m 22 3/4 1342 

19.94 0JO U/ 2/1994. - 

1981 CCn gHIP 0ft TO 3» 78.1/41341 

66.75 0-00 tM S/1984 

1982* CmCOKF 0/S Xqt _ M 3ft 1349 
66J0 040 H/ 2/1985 

1982* aoazij n3W,UK 26 5ft 1542 

24- 75 OJO sat 2/1992 

»v0*Ai 

»W4U49 

3/1994 

3S en “^ Ea S?/ c SS,S <t ®V*1244 

1982* OB6 ZUCT CBED UK 29 1 ft 32.62 
S-M 440 17/ 2/1993* 

261/212J2 

19.73 W 3/U9* 

1982* a&BBAL BLffir CH» HXL 25 9ft 1241 
17 J5 J 0JQ V 3/1995 

ISKW.OOC VS To 39 3ft re-ip 

3ns. . ..040 10/ 2/1990 

I«V OMC a/s TO '203/4 ”-*» 

23^ 040 1/10/1992 

ufis* 0ET OIL TO 3*5/81242 

»-W 040 Sf 3/1992 

£?*£ **nTC TWESTHEST JUK 58 3/8 1344 
^1J5 040 15/12/1986 

'13982* SEZBET 3 C CUBUL Til '23 7/8 13-41 
,flLM 0.00 17/ 2/1994 

J 2981 msiEOCAP 40 1/2 1SJ1 

* *7-25 040 25/6/1984 

2982* FBS1C0 UP Tt 1/1 ii.w 

2640 0.00 4/ 2/1992 

1982* ZEPS1C0 CAPITAL ran . 263/8 Z2J8 »-«* 

28.75 OJO 2/ 3/1994 . 35 

1982* FHUrp raw amrr rib U 3249 040 25 
3245 • 040 I/MW* ** 

-Sia«l340 040 30 

V1592 °*° 0 

1982* *EABS oft TO, , 233/41342 0.00 123 

23 JO 0.00 V/ 5/1994 

1982* StBKCSB «»w if CKBDS 2S 7/1 045 040 SO 
19.70 040 10/ 3/1994 

l?Bl* XBABBAiesici.nl am H7 56 1440 040 40 

53.75 040 22/12/1986 

^“MT^g/SS” »**“■” 30 

1982* KLLS £080 nr TO 46 lft MAT 040 30 
44.A0 ■ 0.00 4/ 2/1988 

1992* ADZ C KBU r OHO* 31 3ft 13.18 D40 25 

25- 50 ' 0-00 11/ 2/1992 . 

OB DOUjUBMiJi* 1 * ™! SIR 70 

1978 AUBU K Kir S-5tl/4 UO 1/8 1146 25 

10040 11475 23/ I/Ml 9 

1977 JLLXIB mn K 6.75tl/« UO 1/4 1246 50 

MOJO 12.SU 24/ 3173V, S 

1979 4XUZB IBZSB K 5-250/4 IDO 7ft 1642 250 

MOJO 16J63 2f I/I987 S 

1982* ALL im IXZm * 5-250/4 90 1/0 1549 250 

10040 15.688 11/ 4/1992 S 

1982* AMS KUBDB .60/4 ML 046 230 

10040 It. DO 10/ 2/1987 S 

1978 MBKZCAI TO 883 1/4 100 3/8 1546 125 

100 JO 15-313 20/ 4/1985 S 

1982* 64 JUS. 543:1/4 97 lft 14.09 0 

10D40 13488 17/ 2/1990 S 

1977 6 H1IIM I IAE EBI 7:1/4 100 1/4 1542 225 

1M40 15463 2f 6/1984 I 

1978 JUUBIXXLBm 6J;3/8 100 1/8 1448 30 

10040 It JO If 3/1983 8 

19821* 8444. TO « 5 .5:1/4 97 1647 30 

10040 15.688 20/ 4/1989 S 

10040 IO w.S n, 3/io/m6 I/ s 92 u - 05 ” 

A M - 07 100 

1979 XilOD OI ran E91 6:1/4 99 3/4 1540 200 

10040 1540 26/4/1587 £ 2M.0 

1979 KJDEX' 6J:I/4 98 1146 30 

100.00 1140 22/ 8/1584 0 

1911 BLAU EX 7:1/4 961/4 17-01 100 

180.00 16.375 19/ 6/J986 S 

1978 woo uc mams 8:1/4 07 I5A8 35 

10040 .14.625 -21/ 7/19U 8 

1979 BAIOD MS 4BCQT -7:1/4 92 5/6 13-90 25 

100.00 12.875 22/ 3/1986 5 

1980 WQDIUCAKBn 6:1/4 91 1643 25 

10040 13.3U 23/U/19B7 8 

mSjo “3.^ w 100 

iS3o B “Sifi ,:, V^9Si 1, 5 » “*« 50 

1980 1KB 645:1/4 91 16.35 100 

100.00 14.875 14/ S/1987 s 1004 

1*82* UUHEX £10 9.750/4 01 1443 30 

10040 13JU Sf 2/1992 S - - 


ns BozxABs-iuuTOS ins (Esmmnj) 


. 6-75:1/4 98 1/C 
0/ 3/1985 B ~ 


TWO 

10040 15 JO 

19» Minru»7.1SC/t 98 
31040 15-063 SI 6/1996 S 

Ml* BCD CUT 14 SEE 7.75:1/4 104 
MOJO 35463 20/ U/ 1988 8 

1978 WOO Bam 7.75:1/4 983/Z 

10040 16JO 3/4/1583 S 

39K* ISK IK 4XBEET 545:1/4 97 3/4 

10040 13-563 U/ 9/1990 8 

1BS2* BAK 0» UXDUL 7:1/4 981/4 

10040 14.7? 27/ 5/1969 5 

U79 UK KMT BAUT 645:1/4 MO 
10040 15-25 231 4/1984 s 

1980 UKOPCOniSTO 60/4 98 3/4 
10040 .13-938 VlftsTs 

1982* BAKOS.TlSBr * S -250/4 98 7ft 
10040 1245 221 9/1994 5 

1979 UK 01 XBEU1D 545:1/4 90 7/0 

100.00 11463 £1/11/1989 Q 

1982* UK OP TBH.Iin> 5.25:1/4 98 7/S 
10040 14.433 22/ 7/1998 -S 

1980 K OF M0R8EHI 5 JS:l/4 99 3ft 

10040 15475 U/12/1990 G. 

1981* K OP UHTTOAL 5.55:1/8 98 1/4 
10040 15.125 29/10/1991 - S 

MSI* K BH scr B88 545:1/8 Ml 3/4 
10040 15.125 2SA0/1H3 S 

1982* BE SOU SCOT * 5.S5:l/« 90 1/C 
10040 1645 V 7/1934 S 

1977 BOK OF 30EBI 6.5A/4 IM 3ft 

30040 1540 15/U/1984 8 

1980 1IK OF soon * 1/4 100 1/4 

ICO JO 14.563 23/ 7/1987 S . 

1979 uk or mcro sj5:ift 993ft 

10040 13.053 25/10/1989 Q 

1911 UK 70EX0 BE B* "5.25:1/* UO 1/0 
10040 13.625 4/ 2/1991 S 

1981* UK TOTTO BSE 545:1ft 100 
10040 1545 10/12/1991 D 

1978 UK OF TOES) * 5-SfZ/A 99 5/8 

10040 15.688 XBflBIma S 

1979 BJUE. 545:1/4 99 3ft 

10040 12438 20/12/1989 <1 

1978 SqUE TO B'JLC 8.375:3/4 100 
30040 14.125 9/ 8/1984 S 

1976 U-C-E. 6.511/4 100 lft 

100.00 3545 27/10/1903 5 

1977 8444. 6.375:1/6 99 3/4 

10040 11-875 2V 8/19B6 X 

1982* 8-2*44. * 5.25:1/4 09 3/4 

10040 14 JO 27/ 1/1987 I 

1981* BJ4.C. * 5-25:1/4 99 3ft 
100 JO 15 JO 26/10/1988 8 

1978 WBUDOMe: 5.5:1/4 100 3/4 

100.00 14463 25/ 7/1995 S 

1979 3QQS non SUEZ 545:1/6 100 X ft 

10040 16.063 IV 7/1989 S 

1978 boob nr uk oar 6J.-1/4 99 jft 
100.00 1540 12 1 7/1983 8 

1982* 8Q0S IK 4ZX OC 5.75:1/4 97 5ft 
99-75 15 JE8 7/ 4/1988 3 

1976 1JJ. * 7:1/4 99 7ft 

100.00 12-125 V 3/1983 S 

1977 8J.F. * 5.75:1/4 IDS 3/8 

10040 14413 211 1/1983 S 

1978 BA.F. BBS * 1/6 99 3/4 

10040 IX JO 21/ 2/1984 S 

1180 S4.P- -# 5.25:1/4 100 

10040 13.188 19/ 3/1987 S 

1980 M.T. 885 S J:l/B SO 3/4 

10040 13 JU 29/ 1/1988 Q 

1982*84.?. W 545:1/8 98 3/4 

10040 15.188 6f 5/1919 S 

1982* B44. 30 545:1/8 98 7ft 

10040 15.188 6/ 5/1989 0 

1479 BA.P. * 5 J:l/4 98 1 ft 

10040 11J0 22/ 2/1991 S 

1982* X A.N £87/90 5.ZS :l/4 100 1/4 
18040 16 JD 9/ 7/1994 S 

1981 DJ-P. 884(2) 7 J 99 7ft 

99*63 15.25 11/ CA9» S 

1979 BASQUE amtmrrt 6;1/A 98 1/2 

10040 16.563 1/ 7/1987 S 

1978 anm CORKS 5.75:1/6 UO 1/2 

10040 15475 15/ 6/1985 £ 

1982* BQ KWH MB/92* 545:1/6 99 
100-00 13.625 - V 8/1994 > 

1979 BAULKS OfS UF 50/4 UO 5ft 

10040 15-375 13/ 6/1990 S 

1980 meats 0/s no s:i/£ 10a sft 

10040 14-313 31/ 7/1995 S 

3979 XU. (CAZHU) LSD 6.5:1ft UO lft 
10040 17.188 25 f 6/1984 S 

1980 XA.L. ntr 5:1ft IM lft 

10040 15.043 2VU/I986 S 

1977 BEOCUDEEIStm 8:14 961/2 

9940 16.00 27/ 4/1M3 S 

1979 imaK 6:1/* 99 

100.00 11 463 29/11/1989 Q 

1981* HE1CEX K H88 * 5 .5:1/4 99 
MD40 15.125 15/10/1991 Q 

1978 SK TO CO E94 5.5:1/* 98 7 ft 

100.00 164(3 10/ 1/1989 0 

1980 U1UD vn *87 5.75:1/4 99 lft 

10040 1*475 29 1 5/1990 S 

1979 KIT 16a *1* JOAHD 1/8 99 

10040 12475 13/U/1991 q 

1980 C4PKTEW mua 7:1/4 97 1/4 

10040 16475 2/6/1985 B 


iWa miwm 


3543 20 
1347 UO. 


Sa 

14*24 ZOO 
ULO 


1979 MHBBB MlUl 971/S 

10040 12.813 1/ 8/1986 Q 

1981 C.C.C.1. MWM0) 100 
10040 12473 V S/Ml 8 

1978 CALL. 545:1/4 .99 3ft 

30OJ0 1342S 3/ 8/199* 8 

2382* CJ-CJ. * 5. 25 a ft 98 3ft 
11-938 21/ 3/2002 Q 


100.00 13.25' IB/ 9/1987 S 

13*19 30 1980 CUD IT LTOBMIS 5.25:1/8 99 

100.00 12.688 11/ 9/J9S3 S 

13*35 SO 19B1* CBED1T LT08HUS 545:1/8 99 lft 

100.00 15.625 15/10/1988 3 

35JB 3M 1982* CUD u» 889 5.25:1ft IM 1/2 
100. DO IS. 938 1/ 7/1994 S 

IMS 2M 1982* CUD LYuh 890/2 5.25:1/4 IM 
100 JO 13.875 IV 2/1994 S 

1140 250 1982* CUD LttS 190/3 5.25:1/4 99 3ft 

100.00 .1640 1/ 4/1997 S 

16-46 75 197B CUDXX UXUKAL 5.25:1/8 » 3/4 

754 100.00 14.813 11/ 7/1988 3 

J5-27 2M 1982* MED UT 89V2* 541:1ft 99 1/4 
100.00 12413 V 3/1994 S 

1441 SO 1982*.C8ED ROD 889 • 545:1/4 99 7 ft 
100.00 16-873 23/ 6/1992 S 

1540 25 1982* DEI DAE3EE PtOV 545:1ft 97 3ft 

10040 15 J13 15/ 7/1990 £ 

13-76 UO 1982* DEBUUK-KUaGSOM 889 3/16 98 1/4 
100.00 11.563 25/ 2/1992 S 

1540 20- I960 DEI HK CREDIT 6:1ft 99 3ft 

,100.00 12.50 5/I1/I990 Q 

1444 30 1980 TO WWSEZ (UK) 6:1/4 » 3ft 

10040 12.313 16/12/WO Q 

17*0 45 1981* KB B0Z5EE CUE * 54:1/4 98 lft 

10040 1540 4/12/1995 S 

1544 40 1982* DIE EESTE OST 5.75:1/4 98 3ft 

100.00 15.75 15/ 4/1592*5 

U40 50 1976 DC 8AK TOI 6.25U/4 100 3ft 

100-00 15-875 15/12/1982 B 

11*17 2M 1980 SUL ZBCF 5.25:1ft 971/2 

100.00 16.00 If 4/1987 S 

1548 200 1980 EUL <2) FBCT 5.25:1ft 97 7ft 

100.00 16.00 If 4/1987 3 

1645 25 1978 UFQBOL (824) 7:1/2 99 5 ft 

10040 13.563 21/ 9/1986 S 

15.01 25 19*1 Bnunrw 8:1/4 96 3/4 

100.00 16.625 24/ fi/1989 S 

13*ta 40 1979 BBDFUU * 545:1/4 » lft 

40.0 100.00 12.75 27/ 9/1989 S 

1540 20 1982* »Wnre*B-49iAB CAP I ft 99 

1M40 14475 2/ 6/1597 S 


1341 


3X47 

IM 

1979 lOIRU rn * 5-25:1/4 » 7 ft 
UOJQ 15.(88 16/10/1986 S 

*5*1 

25.01 

30 

1976 C-C.7- J/ilfi 100.5ft 

UOJO 16.063 8/7/083 S 

tut 

1545 

35 

1977 fcC.7. 6-5il/4 100 5/8 

IDO. BO 16JS9 Mf 7/1983 E 

1546 

14*11 

45 

1978 CJ.P. 5.75:1/6 UO 1/4 

lOOJO 154X3 V 3/1595 3 

1537 

1249 

150 

198J* CJ.F. £09 HK 1/4 99 5ft 

UOJO 14.75 27/V2996 % 

14*81 

11*19 

ISO 

1982* C.CJ. WNI 1/6 99 US 

lOOJO 14-73 27/V096 8 

24JX 

14.(0 

UO 

usi c-r.r. - Baam 5.75:1/* n 

UOJO IS JO 71 5/1968 5 

1M3 

1547 

u 

1978 CHART JAMB TIT 6:1/4 100 

UOJO 14-433 9/ 8/7985 8 

14J4 

1549 

150 

197* CHASE HU 0/5 5-25:1/8 99 lft 

100.00 14.418 27/ 7/1993 5 

UJ4 

1542 

150 

Z9BZ* cnnCAL I TK * 5.25:1/4 99 US 

IM JO 12.375 21/ 6/1996 Q 

12*48 

16*50 

40 

im can nr aria k sj=i/4 99 

UO.M 12.50 v 1/1991 Q 

12*63 

1444 

200 

1982* CM W'-K CD * 5.25:1/6 97 3/4 
1D0.D0 1)45 IV 7/UM 8 

IS JO 

3443 

3M 

1979 CITICORP 0/5 * 99 3/4 

UOJO 10.75. ZV 2/053 Q 

10*78 

13*14 

120 

1979 emnv o/s * 99 1/2 

100.00 11-875' 3V. 5/1984 q 

IMS 

1341 

250 

2981 CmcOEF 0/T. TO B 99 1/4 

IDO. DO 11.50 * 2/ 6/1984 q 

11*99 

13*23 

■UO 

1979 emcORP 0/E res 6:1/6 99 1/2 
100.00 1I.7S WOA994 Q 

11*81 

15.75 

tt 

1979 cm iKnxrnc n« 1/2 94 1/2 

IDO JO I4.au u a/086 s 

13*47 

3242 

30* 

1981* CO-UN EDRSFIX S’.5:l/4 9ft 5ft 
200. DO 16. DO 14/10/1991 X 

16*22 

14*13 

2D0 

1932* OORT ILLURUR * 5.3:l/4 96 

IDO. DO 11.938 24 f 6/1994 q 

1LU 

1543 

25 

,1979 CO-OPERATIVE BASE 6:1/4 99 3/4 
1D0J0 15.00 15/U/J986 S. 

15*04 

11*90 

5D 

1977 cusrr JCUCOIX 6-5M/4 100 5ft 
1D0J0 15.873 1V1V1984 S ' 

IMS 

UJ4 

250 

1982* C£tD ACK MO/3 545:1/4 99 1/2 
1D0J0 12 J75 26/ V»97 8 

12*94 

15J9 

40 

1977 (SEDITUSnU * 5.75:1/4 100 3/0 
.300.00 15.00 . 18/ 5/1)84 S 

14*94 

13.96 

80 

1979 ODKANSX E97» S*5il/4 99 3 ft 
1M.O0 12J63 »/ 6/1991 Q 

Z2J4 

15.98 

250 

1982* CEPHC KR7/R9 5.25:1/4-100 

UOJO 15.438 IV 6/1992 S 

25*44 

13 JS 

73 

1981 CUDIT WC*I * 5.25:1/4 99 1/4 
lOOJO D.93B 14/10/1988 S 

16J6 

16J7 

200 

iHz* credit rowrn l/s im sft 

100JD 13.313 29/ 7/1919 l| 

12*72 

12*14 

80 

,1977 emir L1DSXMS 6:1/4 IM 3/8 

100.00 11.933 IV 2/1983 S 

IMP 

14*76 

M 

1977 CIEDEr LTDULMS 6J-.1/4 100 1/1 
UO.OO 16-625 24/ 6/1983 S 

1&J4 

11.53 

30 

1980 CUDTT LIMH * 5.25:1/4 99 7ft 

1347 


1242 

35.74 

1645 

1348 

2640 

14.85 

12.91 

1CAS 

15.73 

11*77 

12*50 

12ft 

1545 

1SAX 

1542 
16*41 
1645 
UA1 
17*18 
1246 

1543 


Is 


II 


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PS D0LL ABS4LQA TO C BATE .(OOITOOED) 

SO 1981 BHRU A3I4H CAP 6:1/6 96 7/6 154* MO 

108.00 15-50 UI 8/1989 8 100A 

» 1982* EBB0TE4B ASIAN * 6:1/* 97 3/4 1446 ^ „ 

50.0 100-00 14.425 13/ 5/1992 S 2O0A 

250 1980 JBKBum STAID 543:1/4 96 7ft 12J5 « 

100.00 12-063 29/ VX9BB S 

IS 1981 mscirac SIAM 5 JS:l/4 90 lft 12A9 73 

100.00 12.73 25 f 9/1988 8 

300 1901* 8X880011 STUD 5.35(1/4 98 17AZ 7S 

100 JO UJ7S 22/12/1988 S 

100 1982* pm DELHI BUS 5*25:1/4 97 1/4 17-74 . 30 

100 J 100-00 17 JO 30/ 6/1988 8 

UO 1979 FIAT PH CWP_ , 6:1ft 94 7ft . 15-08 » 

100 J 100JM 15.063 30/19/U91 £ 

UO IK* TOST CHICAGO • 9*39 :1ft 98 lft 543 CO 

100.00 5.25 18/ 8/1994 Q. 

X5 1980 HOUMA CABU 5.75:1/4.. 99 1541 330 

100-00 15.063 20/ 5/198/ & 

50 1900 80004 Of S 171 5ft 96 1/4 13*77 -100 

30-0 100-00 13-25 11/ 9/1987 S 

uo 1900 cnmuKcc 5-25:1/4 99 7ft isji us 

200-00 . 15.188 31/10/1987 5 

IM 14*1 CnrPIS4RCE(IP9) 5-25:1/4 IM 1/2 J7.16 IM 

100 -UO 17.25 30/ 6/1992 S 

40 1977 qanssni corcal *dft im ift u*n im 

1KM» 13.75 V 4/19M S 

40 1979 0EMJE9W am: * 5.3:1/* 99 X/2 12.54 50 

1QB.0Q 12 JO 1/ 8/1989 Q 

50 1981 COMuSSOI ZQS * 5.25:1ft 98 3/4 12A3 tXS 

1KU00 11.875 5/ 3/1 9 K Q 

75 1980 nSO DED UK 5.25:1/4 99 1/2 12.50 150 

ISO. BO 12-438 23/ 3/1991 q 

25 1980 OUEDUTS DM 5.25:1ft 99 lft 14.19 MO 

* 100JC . 14.063 26/ 1/1988 S 

IM 1982* CUkDLATS ETJ3J 5.23:1ft 99 1/4 12-91 125 

100.00 12J13 29/ 9/1992 B 

» 1981 CUM US ALFA , 10:3ft 80 16-17 230 

100-00 12.938 l»f 6/1988 Q 

23 1975 catUAKSI 6:1/4 M 3/4 15-04 JOO 

100.00 1SJ0 33/1 1/1988 S 

30 1*79 BILL 6AH0EL OOF 5-S:l/* 99 1/4 14-99 35 

100.00 14.875 19 1 1/199* S 

10 1979 IKSPISTAS 7:3/4 » 17JB 200 

ISA 100-00 16.563 II f 7/1906 S 

75 1979 ic I WC> FTP VB 95 1/2 16.16 IM 

MO. DO 15-418 15/ 7/1991 S 

75 1082* ICO £89 3 Jelft 90 7ft 16-30 123 

100.00 16.313 4/ 7/I9« S 

50 1962* X-N.X. 1-15:1/* 94 3/4 13.44 ISO 

30J 100.00 12*73 31/ 3/1992 S 

200 1982* nronsiA UO 5.26:1/4 SS 7ft 14-9£ UO 

103-00 14.73 27/ 3/19W * 

«B 19U* BB«rr TBBKX 986 100/4 97 5ft 14*13 50 

loo jg 15.75 n/ra/1909 q 

30 1970 XBDOSr B£ JAPAN 5.5:1 ft 100 1/2 14-68 1» 

100.00 I4.» 1/11/1903. 0 

30 1979 UDOST K JAPAN 5*29:1/4 IM 18*75 173 

300JB 15-75 13/18/1907 S 

SO 1900 X9BBST K JAPAN 5-25il/4 ISO 15*75 100 

100 AQ 13*ZS 9/10/ 19H 8 

SO 1981* XSBBST K JIM 3 .35 i 1/a 99 1/2 14.95 MO 

100 JO 14.875 9/11/1908 E 

SO . 1981 'most U am _ 1/4 99 3/4 14.72 IP 

100 JO 14.408 27/ 3/19*8 S 

30 MU* X-U.C-Z. - 6. 5:1/4 U 1/2 1LQ 30 

30-0 300 JO 15 J61 . 16/12/1991 5 

30 1177 HD L Htl IP K *.73:1/4 90 16-20 

100. DO 13-873 IV 6/1904 S 2i -° 

120 1977 UT U UU HIBT B U nil/* IM 1/4 15 J7 33* 

100-00 13 JU SV 4/198* * 

Mt 1981* KUa EM 5 .751 1/* 94 1/4 1CA9 30 

180.00 13.75 S/10/1988 S 

JDO 1981* DUE 3-5 1 1/4 98 3/4 13*48 3D 

100-00 13*313 Of 3/1989 3 

75 IW?* MBAUD E94 9-39:1/4. It 1/6 13A1 50. 

95.13 14.79 2 St VIM* = 

3D • 1982* nui 8M 4.:«I/J 98 1/2 HUB 3® 

1D0J0 15.00 14/ 7/1992 3 

SO 1978 mnUUDIM S.lSrlft 100 lft X5A4 » 

100-00 LUTE - 21/ 4/1W* 5 

n 19B2* XI9EUEK , 11.0:1/6 06 3/4 16JS SO 

UOJO 15.73 13/ 4/19M 3 

50 19M DM (Cl SJSil/A IM 1/4 13J8 40 

100. DO 13.113 18/ 3/1987 8 

30 1977 JBBP8A3EA , , 7.5(1 *7 IM* Jg 

n jo 15-188 i turns s iw*® 


1« MUBAtmiB BATE (OWTOBED) 

1980 uans BUBO * 5-25:1/4 100 
100 JO 15 JO 4/1Z/199Z a -■ 

1981* UOTDS EMD « 5-25:1/4 19 1/2 
10D.M 15.188 29/XV1993 S 

UTS HMD TESH CEED 6:1/4 100 1/4 
100.00 13-311 15/ 2/1983 .0 • 

1978 UNO XGU CEB * 5.25:1ft IM 1 ft 

100-00 14JO 9/11/1985 1 ' 

1979 LOW TIM Q» 5-25:1/4 1001/2 ' 

UOJO - 15JI3 13/12/1986 

1979 LOW TOM CEED 5 J:lft IM Ift* 
100-00 15J5 7/ 6/1989 ■» 

1981 1086 TEK CM * 3 -5:1ft UO 1/4 ' 
100 JO 15-543" 16/ .7/1989 B 

1982* LOW TEEN C880 3-25:1/8 9* 3ft 
100.00 U J25 27/ 5/1992 S ■ 

1982* BALmiA £89 5J50/4 99 1/4 
UOJO 15 JOB 6/ 4/1992 • E 

1979 HAS BA* 0/5 GAP 5J5:lft 98 3ft 
100.00 10.938 SO/ 5/199* 0* - 

1982* lAKHE RUUED* 5.25:1/4 .JO 
ZOO JO ' 5.25 4/10/1596 Q 

1981* MEUm. LTKH.0/5 5.5 99 3/8 
100.00 12.00 3/12/1984 Q 

1981 mu Lynn oft w x/b . 99 3/4 
99.75 12-938 7/ 3/19*7 Q 

1977 NHU8D nr PTB_, 6:1/4 IM lft 

I CO. 00 15*125 11/ 5/1987 S - 

1979 MIW *80 HCT PI* 5*1/4 UEL . 

300-00 16.813 30/U/UB9 ,B 

1981 xmuuD nr ns • 9:1/* 99 5 ft 
100J0 15. 1W 30/ 4/1991 -fc 

1980 HZDLAKD HE FIR 5.25 lift UO 1/8 

100.00 15.063 5/ 6/FHZ *' 

1970 XZKAflD nr Ml 5-3:1/* IM aft 
100-00 14.625 20/ 7/1993 S' 

1982* mCAl J P * 3 -ZStlft 99 lft 
100.00 12.938 12/ 5/1997 q 

. 1982* BKBMCE K W 5J5|l/4 » lft 
101.25 UJ73 17/ 6/1992 ~S 

1979 1BIU2 aUBRMZX 8.5:X/4 
] 00-00 16.375 H/1VUM S 

1979 KACICUL TO , 6-Z 5tI/4 
UOJO 14.125 23/ 7/2986 S 

1981 K4CI0NAL TO . 5-5:1/* 

100-00 16.655 34/ 6/1986 S 

1981 mcrant TOB91,SV5:l/4 891ft 
100 JO 12.75 23/ 3/1988 S • 

1981* EAC1MIAL TO R84/87 1/4 
100.00 "• 13.23 5/11/1990 

U77 mcimcAL TO 
100 JO 17J13 

1981 HX BC CAlUA « 5-25:1/* 97 3/2 
100.00 12-813 24/ V 1988 8 

1978 UBONtLSEET 5 J :1ft ICO 7/3 

100.00 16J» 21/ 6/1990 * 

1981 URMAb BEST * 5 JSzlft.lOO 1/4 
100 JO 15-25 15/ 7/1991 8 

1980 N8IMNAL W8T* ?^5jl/6 99 1ft 

IBS. DO 15*180 23/10/1992 » 

1979 NU1BUL BEST * S-MOft 991/2 

100.00 15.938 11/ 4/1994 ■ 


OB wttm jthi™ Mm (CDEEHBED) 


■ifiJiUn 


96 3ft 
lift 
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30J 

2979 JBODMKl _ 8! 7/8 89 1/2 

lOOJO U*37S 2V 5/1989 & 

17*11 

ltt. 

130J 

50 

16*2* mniAl l.W SMB Mll/4 99 Sift 
103.110 11*513 - 6 / 3/um 8 

15-57 

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1*80 Kuanrer xnsa s. 7)11/4 » 

IM JO 12-423 1/ 6/ rax Q 

12J4 

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mi nra DEI H ■» 7.5tl/6 99 1/2 

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nn nsre nsi k - 7 jo/ 4 it a/s . 
uojo 16*00 . i/BUnaa a 

14*U 

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no jo iz*473 av ana** * 

13*02 

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25 

1919 BEK THAI (CAT) 6. 75 <1/4 99 1/3 
lOOJO 15.15 mt /loti * 

13*82 

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75 

m*UBo .. viiSOA 97 3ft 

lOOJO 16*438 8 f man. M 

16*86 

30 

75 

!W USB » 9*25*3/) 9* lft 

100*00 16.43* V 7/19*9 8 

. 17 JJ 

10 

30 

32*5 

1978 . unauuau iuu 7.su “tt 

10CJ0 Ujtt 19/ 7/1985 3 

luo 

30 

29 

3U 

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XfiOJO 13*688 - VW-tn * 

14J7 

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75 

1974 UDDtnU , 7*25(1/4 IM 1/4 

14J4 



U0*H 14*8)5 31/5/1983 ft 

»1. 

4S0 


100 JO 15.75 21/ 4/1990 

1980 Hpwt TMrt TO 5.1:1ft 58 
100 JO 12.0*3 4WW* 4 

IWU* KDUXSA 1*5 S-5» lf* M . 

SKMM 11.75 10/12/1993 J 

U82*.m saub ,SJS(i/8 w aft 
2D0J0 15-363 V 4/U8T ,8 

an mppcw ceedit uo V* 

100 JO 13 JO 15/ 3/1983 I 

1978 BIPrME CUBIT K 3.3:1/* 181 1/4 
MOJO - 16.625 22/1VUBS I 
187* UPfOH CREDIT « JJt 1/8 UK 3/E 
100.00 14.875 12/ 7/1986 ■ *- 

|9tt DPIMI CREDIT 5-25:1/* UO 
100.00 13-043 if 2/1917 * 

-198a kppon c*iarr _s-25ii/* im aft 
yJTZf, li.bfl 11/12/1988 s 

i9*2* b»t« -3d3sy£- 99 3/4 

100 JO 13 JH 10/ 2/1990 *- 

H8I* XDEDIS m .5-5:1/* VESft 
MOJO 15.35 6/U/199I S . 

1978 o»s*m i®* 3ft 

U0.00 14J13 19/ 7/1986 .0 - 

1981* OnSKBE HU * 5-13:1/* 593/4 
HOJO 14J13 2/32/1991 8 

Mil OSTEUI1CB EON 5.25S1/I H 3/4 
1DO-0O 14.875 IV 3/1986 * 

1981* 0STE8X OOUnK S.»il/4 tt V* 
)00J0 (3-375 4/21/UE9 K 

1979 muni HEtKAEo 7(1/4 R ift 

IDO JO 14JU a*/ 1/1984 * 

I Ml IB R BB 891-3 LlJltf* tt 
100 JO U4» 14/4/U00 * . 

1981 PETUUD8 WX 88* " fal/* tt lft 

100.00 13*680 at i/Wt * 

1979 minraEwwiJji/* 97 aft 

100JO 15.75 11/10/1986 8 

1979 RE4 ___7H/a tt S/8 

- 200.00 14.123 8/ 2/2986 E 

ire*iCMUiunA7nihUL tt 5ft 
UOJO 16-878 22 1 4/19K 4 . 

1981? MK-OCX BK 888 * 5:1/4 100 1 ft 

zooj* is-813 nrofim • 

1977 anawiiaur •■I'lft'tl 

99-00 17-5*3 4/lflMS N 

1978 PknUMAXAHU. , 0j7ft 1*1/2 

100.00 17.S 22/12/1986 B 


15-00 

IM 

19*1 Sure ,9-50/4 

UOJO UJtt 22/ 6/1989 8 

tt 

25J5 

15 

15*26 

.30 

1976 S002L X4XE4C0T 7*75d/4 100 3ft 
UOJO 14-563 V5/19B3 ft 

14-51 

■30. 

15-38 

75 

1979 ROT SCT m<7}* 5.230/* 993/4 
100.00- 14.75 - AV 7/1994 Q 

14*79 

U 

14-48 

30 

1981 S6SRL JU TO S-2Si lft 
UOJO 12.75 Mf 9/1988 S 

ttlft 

1ZJL 

? 

15*24 

100 

2981* sDaxun'xar s-zw/a 
100.00 - 13.25 23/ 3/1992 8 

SB 7ft 

13*40 

35 

15*17 

100 

1981* SB Eicmc XSS-SJSOft 
UOJO 15JD 34/11/ 1991 S 

»5ft 

15J6 

12 

15*52 

28 

1979 XZAX COMBBCUL 7JJ/4 
UOJO 13-25 19/ 9/1904 S 

99 7ft 

13-27 


14-72 

70 

1981* LIJL BBL 8F WD/4 
'uojo 14.75 nmiian s 

98 3ft 


15-81 

. SB 
3l.t 

. 1978 UHL’ , , 8=3/4 UO 

■ UOJO 16.188 . 5/ 4/1983 5 

1649 350 
30M 


U*0> SO 
- *6-0 
3-M 75 

75.0 

X2A5 50 

46.0 
12-97 20. 

15*05 CO 

14*43 , 50 

15A4 uo 

15*04 250 

14*57 20 

13A5. 150 

14*02 30 

J6J® .00 _ 
MA 

15*78 35 

aoAi so 
14*25 100 
25J0 35 
0*78 MO 
,13*14 30 

ic.73 ao 

X5AZ 30 
X5JS 30 
1CJ2 30 
15-85 35 

12- 31 

UJ» tea 

15-64 uo 

13- 47 .25 

1601 f5 
14*82 33 

13- 06 25 

U-*4 .30 
13JI IDO 
15J0 40 

14- 7* 30 
W*» 35 • 

1U1 65 

lM4.it 
BAD 25 
15*43 35 


1982* CTfTBTr KB 
12-93S 


"1980 Sjr.TJ. 6-5: 1/4 ffjft 

100-00 13-625 15/ 3/1986 E 

1982* S-P-X-B- E90J 6(1/4 97 3/4 
iau» 12*75 m 3fmr s 

1980 LMH . 6-5--I/4 98 2/2 

300.00 " 16 J63 Tt 7/1990 S 

1979 SDC CaOTDS 80B,6 JbJ/4 991/4 
100-00 15-688 3/10/1987 S 

1977 secure era * aft im ift 

100JO 16-063 , 1/10/1984 S 

1979 SOCtsa GEI * 5 JS&1/4 MIA 
UOJO 16.75 12/ 7/1991 Q 

mi 5SCGEI £85/88 5-250/8 901/4 

100.00 14.313 22/ 7/1991 3 

_ 991ft 

(U95 - 

1979 0OCBCU.0Z *5-75 dft 99 3ft 

100 JO 15-00 13/ 7/1989 S 

1982* MJLI, *LW M 

HUMID 12.938 28/4/1988 q 

1978 ssunsa 8860 7-25x3/4 100 lft 

3DOJO 33-75 7/12/2992 S 

law MwmMU 5*25(1/4 99 
UOJO 5J9 7/HVJ990 S 

iino aunmn ci/tnout 

100.00 16*875 19/12/3987 S 

1977 SEBIDUD CBAZZ 6-250/6 UO 3/8 

300 JO 14*075 31/ 5/1584 S . 

1978 9ZWBA8D CHUT SJrlft 100 3ft 

100-00 13-938 IV 8/1990 S 

1980 SZHM3D CURT S -23:1ft IM 1/4 

100-00 12.875 6/ 3/1990 S 

1981* CT—MM. CHART 5-23:1/* 99 3ft 
UOJO 14-875 18/11/1991 S 

mo 8ZSEE 8E HSXA 6-7 9:1ft 98 3/2 
UOJO 14*875 29/ 5/1987 E 

1981 SatEOTO TO 3 -5-.1/8 W 7ft 
13.50 V 8/1988 C 

■DOB mm 3 -3(1/4 » 7ft 
-11-875 IV 9/1984 q - 


1979 



.16*94 

30 

1979 

UOJO 

1647 

75 

nai 

MOJO 

1448 

S 

1SB0 

MOJO 

16*54 

75 

1W9 

UOJO 

15-39 

30 

1W : 

100J9 

lt.tt 



1147 




I U«MWr . 6= 1/6 99 3ft 
- V1VZ985 S 

rBOEEXUSECS 7(7/9 100 
15.(05 8/12/1986 S 

Sel/* IM 7ft 

15*313 15/ 7/1987 S 

5-25(1/6 99 lft 

16-375 M/12/1988 S . 
US* ssn 1687 » 3-25:1/4 99 

100.00 11J13 26/ 2/1989 S 

Bit Jg P CT . TZKHOW* 1/4 98 3ft 

14- 50 u/u/ltu q 

KP CUD W 5-23 985ft 

13-488 10/ 2/1987 S 

1981 TWA . 9-5*3 /* 9* 

MOJO 14.563 27/ 7/1989 ■ 

1*79 Texas nr an. cm 7=3/* » - 

10BJ0 15-313 Zi/ 4/19X6 q 

1979 mz TAUU UT 7 JSdft 99 3/4 
100-00 16-938 21/ 6/1984 S 

1979 TOTTJHro.mani- 7Uft 99 3/4 

lOOJO 13-75 IV 3/1564 S 

1983" 3B8nBla-Dara^E. 5J9;V I 98 1ft 
100 JO 14.938 11/ 2/1992 S 

1979 TRADE DO TO SERT 1:1/4 99 
MOJO 11J25 21/ 8/1986 B 
1939 280 HBR (WEjn 90/4 93 5ft 
200-0 14JZS 34/ 5/1991 S 

1977 B3J7. 7-25:1/4 U0 lft 

100-00 15.125 7712/1902 S 

1979 U-B.A-F- 5.5:l/4 98 3ft 

UOJO 16.50 9/ 1/1990 8 

'im mnuniasn etzft 9»7ft 
UOJO 14-313 V 1/1909 * 

1978 SBHU onSCSK fcl/4 UO Ift 

leo.QO 1**543 V 5/1903 * 

1979 anna owsus re »:xft » aft 

l.-US 39/ 3/1989 q 

OSUO ZfiL . . 6slft 99 lft 
13.188 21/ 3/1986 S 
389 ESI Uft 95 

isjjr rtf 7/»*0 * 

laiKlC 4(1/2 87 3/2 

15- 563 2V 1/X9B X 

tans 4 cos 5. zstift no ift 

- 13*563 It/D/Un 8 

bu no am sasu/* zm zft 

34JO 9/ 7/1591 S 


KtUUU BOUABS 

3976 AB8XULI4K 380 BEF Cfflip 95 15.77 10J5 

99-25 10J0 1/10/I9B3 

1980 8BB8ULUI 3BD BCTT OOP 91 16*21 13*46 

99 JO 12.25 15/18/1965 

1977 jnSBULUK XESOrem ‘48 2ZJ4 10.20 

300 JO 10JO 1/12/1982 

. 1978. CXX200S? Q/S TO E88 94 28J7 JL1J7 

UOJO 10JO- 13/ 2/1903 

1979 UPC OB P 0/3 TO E89 94 IMS 11*70 
99 JO 1XJO ” If 2/1984 

1978 mnomtBUnt 92 23J8 Z2J0 

11-SO 1/7/1983 


3^*3 4M 

X3A4 350 
291-7 
1SA2 SOD 

15-81 300 

25U.O 
1£A4 400 

34A4 X 

14-42 

Z3AS 25 


2971 

98- 50 
1979 

99- 50 

1978 
99-80 
1976 
97.25 

1979 
99-50 
1976 
97*23 
1579 
99 JO 

uab 

MJO 


7J0, 30/12/1983 8 

pwrari" 

8 JO • 4/12/1994 


m 


7.75 22/12/1886 

BM M ZTOSnOVT K P 
8J0 20/10/1984 


8.M 28/12/1989 


8*22 
8*43 
92 1/2 9*03 
9-64 
» 9*21 

96 9A2 

10-24 
92 1/2 9*46 


nflfr4macai snr nc b 97 


8 JO 13/12/1386 


OJO 31/12/1989 
P M rtJi BAK 

8.00 if 2 mao 

CAEiBIAl imuaiw 


8J7 
9.52 
S21/Z 9-47 

921/1 945 


7*05 

845 

8*24 

8*33 

845 

8-25 

845 

845 


1977 ABOUCnr BOEFIUL smsaf 88 5ft 15*67 947 
99 JO 8.75. 15/10/1964 


Z5J2 

25 

1579 JUCO EZBSimmUUL 
99*25 M*25 15/ 5/1946 

.76 3/6 1943 13*36 

30 

13-20 

sti 

1980 KMRwrmr KBIT CD 
lOdJO- 12-75 15/ 9/1988 

tt 3/4 15.79 14*37 

50 

15*67 

30 

1979 IB OF HR1XIM COPBaBB 
100.00 10-22 15/ 5/1989 

7ft 35*80 13*14 

50 

JU0 

as 

1982* Mug. OF »KRfJW> 

U0.cn 16.75 U 3/1988 

10S 1/2 15J6 1040 

20 

1£JS 

60 

100.00 10.75 1/ZQ/Z986 

tt 22J7I140 

30 

14-82 

uo 

1982* ORTF. 

99-40 16-00 9/ 6/1989 

US 3/4 UU31 14J9 

20 

13*9 

50 

1977 XEXCriCIAL TO 1ST 

83 24*84 10-84 

U 


3244 25 
14*97 25 

3540 24 
3342 SO 
1149 CO 


99 JD 9 JO IV V1M4. 

1975 immeiAL PH nr 879 98 
100-00 9.75 15/12/ 1982 


1948 9-95 30 


U77 BBEOffi antU UFA £85(3) 87 1/4 1045 10*32 
100.00 9-00 1/ 6/1997 

1979 B U M Com HM R09/94 80 1/2 13.17 C.7S 
UOJO 10JS 15/ 3/1999 


106 


15401847 


3846 

3143 

2448 


1SJ1 

14»SS 


1542 

21*74 


3341 

26.71 

36*33 

1449 


1A.W 

17-39 


1548 


SO 

40 

35 

SO 

50.0 

30 

20 

40 

3D 

30 

50 

25 

SO 

40 

40 

50 

30 

20 

SO 

20 

30 


1982* RRTfnni COL TEUPROBE 
. lOOJO 1745 If 9/1988 

1980 (9BUDIAI 3HP EC anSESCE 913/8 3547 1249 
100. DO U JO 15/ 7/1985 

1980 fJWADTAW IBP BE OMSBROC 95 7ft 1S4Z 1AJ8 
9940 13 JO 15/ 5/ 1905 

1981* eaUDUE IMP K COBKRCX 99 1/4 1548 1547 
99 JO 15-75 15/ man 

1977 CANADIAN MU RAH. CO 
99.25 8-875 If V1987 

1976 CAHMil EACZPU SECS 

lOOJO 945 IV 4/1983 

1982* HC0IC o« 

IDO. 00 16-375 15/ 4/1980 

1921* rwiiffiy PACIFIC m« 
lOOJO . 17.75 15/11/1987 

1982* CUADIAI MUTDS US 
100.00 17J0 15/ 8/1987 

1981* CANADIAN RZUTIES LTD 
UOJO. 17 JO 15/12/1996 
IMS* cue HNODA6E COR? 

100.00 16-50 If 4/1987 ■ 

1982* caw TRANSPORT OUTS TtXCT ISO. If* 1644 1644 
lOOJO 16.15 33/ 4/1987 

1982* CnVffU.TDATTP-BATHCRSr 
100.00 17-25 30/ 2/1987 

1979 CREDIT TOBCZat T-CAE 
,100.00 10.375 IV 9/1984 


83 14J8 1OJ0 

96 1 ft 16-95 9-62 

304 1549 15.75 

107 lft 15*48 16-51 

307 1/4 14.77 ISAS 

106 1/8 1545 16.CC 
15-65 

109 15-47 26-02 


35 

E5 

SO 


35 

.SO 


1982* CREDIT POKIER (CANADA) 
100 JO 17-125 30/ 4/1989 


99 lft 1741 17*34 
92 lft 15J6 1142 
101 lft 16-65 1647 
96 1/2 17-16 943 
tt 15.90 848 
94 5/8 1341 10*57 
WILLS 13*16 


1976 BBOPEAI COAL 6 STEEL. 

lOOJO $.00 ISf 3/1981 

1977 ZZHOPEAI COAL 6 STEEL 

1181.50 9-00 15/ 4/1964 

1979 EXPORT XTOELOnBDT CORF 

100.00 10 JO 15/ 5/1986 

1980 FEDERAL K IHSI DE7 EC 

100.00 U-50 U/- 7/1990 

2981 nDEEAL MIBna ncr K 106 3/4 15-37 1643 
99.29 - 17.75 30/10/1986 

1979 zmr enmre nor 

200.50 10 JO 15/ 5/19B4 

1977 HKD Hma dnUT-CASABA 86 19.19 94* 

lOOJO 6.50 15 1 5/1984 • 

1977 fan xozre cnntrr-CASABA 33 lft £7 J2 U-SO 
99.50 8*75 IV V1987 

1976 n» WIDE CUDtX*CREADA 96 3/4 39 J3 946 
99*00 9*25 1/ 2/1983 

1983* CtZ KKIHIIUIH 
99-25 17-25 15/lVltt0 

1975 GEULCA8 

100J0 940 1/12/19*2 

»77 sekUl mans UB 

UOJO 8.50 If 5/1984 

1976 ' MB MR0B9 ACCEPTASCC 

200.00 9*25 V 6/1383 


tt 3/4 3447 1047 


UOIRIMI 1447 


D 97 


2849 9.79 


90 3ft 1540 »4X 
98 7/8 37*75 9-75 


40 

40 

38.5 

35 

294 

40 

40 

404 

40 

10 
U 
so - 

39 

SO 

40 

25 

184 

» 




l 

Sgj 

i 

I* 


- 

% 

K 

e 


4 Wf 
30 
304 
50 

50 

75 

50 

CO - 

60 

604 

40 


104 

23 

184 

20 

15 

94 

40 

50 

50.0 


CAUDlUI SOtZAES (O WOWI8 P) 





1 LJ_J 


s 

ii 

RSHOtrev 

umumairr 


wfi 


SV SIB 1248 1047 
1448 

81 Ift 14*55 11.96 
1641 

951ft 14461240 
182 lft 1448 1549 
101 5ft 1545 35*59, 
MS 3ft 15J6 3546 


1976 CES "MOTORS ACCEPCUKR 
20040^. 9J0 1/ 2/1986 

1976 Cm HR1BS ACQCPIA8CS 
UOJO 9.75 15/10/1988 

1980 cm Wires 'ACCTXABCB 

99.75 12 JO - 15/ 6/1985 

1981 Qlk ITOBS ACCEPTANCE 
lOOJO 15 J7S 30/ 6/1986 

1981* cm Wires ACCEPTANCE ■ 
99 JO 16J0 St. 1/1987 

1982* Ml WTDB8 ACCEPTANCE 
UOJO 16-50 V 2/1989 

1981 CBS WT0T3 ACCEPTANCE 
30040 10*00. 1/10/1587 

1979 masers BAT 
100.00 10 JO 15/ 4/X989 

1982* BHDS«rs BAT 
100-00 17 JO 1/ 5/19S9 

1981* BEOSOTS HAT 
100-00 1BJ0 1/11/19*7 


100.00 8-75 if mao 

1976. nr babtcsttk cuniT-cn 42 1/2 4449 2244 


30 

2ZJ 

50 

17 

25 


CANABtAH BOUABS (CtHTOIBP) 

19826 TM E 8M . TL BrnmnOlB US 7ft 1541 16*06 
UOJO 17 JO .16/3/1989 

1976 88001 CABBUB 0P.CASU6 . 86 
99 JO 


9.75 If. 5/1986 
usi* mss crude c*i M r i A 
100.00 16 JO 15/ 1/1989 

1982* mrems th qsacc, 
100.00 . U 425 3V 6/198/ 
1977 V8LZER MH»| (CAR) 
9 JO 15/ 7/1984 


1542 11*94 
15-52 
1B3 112 15J4 1546 

101 1/2 1648 1648 

88 1/2 1743 1043 


US 15-58Z6J7 

60 

1977 

AE50 


98 3ft 

Ml 

7-82 



9940 

740 

i nomat 



74 17*41 1440 

35 

1978 

RTMumiui. 

UK 

Sft 1/2 

8*71 

US 

19*39 


9940 

645 

15/5/1985 


951/21843X740 

75 

1979 

Maw; 

UK 

99 7ft 

8*31 

846 


100.00 

845 

IV 9/1986 

97 5ft 1842 18*44 UO 

1981 

IUZHE PARK 

IM lft 

941 

944 



9940 

10-25 

V 3/1986 


62 3/2 14JD 

75 

1976 

alosoisse nr 

99 7ft 

8-35 

8*36 


53-36 
16.68 1240 
17.39 

1U1 10*99 


73 . 
75*0 


15*67 1045 190 
1940 

73 


60 

60 

75 

60 


91 lft 2048 1540 
99 16-71 1647 


99-50 9.75 15/ 4/1986 

1976 XSE CANADIAN FINANCE 82 

IDO JO 10 JO 1/ 8/1986 

1976 IBUL.C SHOT K83C tt 

99.00 10.00 If 7/1996 

1975 KASXTUSA.PSOVraCE OP 87 

99.50 9. 25 30/ 4/IS2S 

1979- WIXUAL.em OP 79 1/4 ILU 12.6Z 

99.00 10-00 If 6/1969 

1982* XHDSEALJXrr OP 104 5ft 15.73 36*25 

98.75 17.00 15/ 3/1989 15.69 

1982* HKXBEAL StSOOL COORCIL UD 7ft 17 J9 17*35 
UOJO 17*50 If 2/1987 

1982* BMWWBif- FHASCHSA 
UOJO 17-79 25/ 3/1987 

1982* NAT RE CANABA 
lOOJO 16-50 4 f 2/1988 

1975 ■BnftMB JMnB g 96 3/4 15J5 9*BZ 75 
100J0- 9 JO 15/ 5/1983 ; 

1975 HUUliraUD.PEOnsCE -OF 89 Sft 1441 1142 100 

10045 1045 15/12/1985 

1976 B3BCEK 94 22.17 10 J7 ZS 

99 JO 9.75 IV 4/1983 

1974 MB SCOTIA foOZS R61C 94 . 10-39 U*U 73 

99.25 9 JO 1/ 7/199* 

1976 MU SCORAJinnxCE Ot 91 1740 949 75 

UOJO 9.00 IV 12/1983 

1982* eSTO&EXCSB HUfTBOIMAK 106 7ft 14JS 1540 7S 
100.00 1645 17/ 6/1988 

1976 TtUBBHDT i H PEZHOL 
UOJO 9.75 15/11/1983 

1981* ZOCAUDIU PETROL 
UOJO 16-50 IV 12/1988 


■ 1982* qrotC 8X080 . (WR) 
100.00 16 JD 15/ 3/1989 


93 3/8 16-39 3044 
10 3ft 35J6 1SJ6 
105 V4 14JSXS4B 
105 3/4 15J0 1340 


1982* qBDBC-BZDRD (HAT) 

UOJO 16 JO ISf 5/150 9 

1975 .qRSEC.CIEZ OP _ REX tt lft 10J3 1040 

UOJO 10J0 15/11/1993 

1976 QUEBEC JOT Or E79C 93 3/411*9111*59 

100-00 10.75 IV 10/1994 


1982* qreuc-cnT OF . 
UOJO 16 JO IV 2/1987 

1979 lftU£,nO(I1Kl OP 
UOJO 1045 15/ 6/ 1986 

1982* OUEBK.noVnCE OF 
100.00 16-50 IV 4/1989 

1982* QOBBEC.PtOmce OF 
9945 17.00 12/ 3/190* 

1981* qUEMlM TOTIKK OF 

100.00 17.50, 15/11/1987 

1981* qreBB.pnnwE op 

UOJO 18.00 15/10/1987 

1976 M8BEB DS8AV COMWWITr 

98 JO 9.75 26/ S/1983 

1981* QBBSEC IK8AE CMUMTO 

lOOJO 16.75 15/12/1986 

1977 MEAL RARE OF GARADA 

UO.O0 8.00 IV 2/1984 

1977 am. bak or Canada 
JOOJO 9-00 15/ 2/1992 

1976 ROZAL BASE' OF CANADA 

106.00 9.50 1/ 4/ ISM 

1979 B0E6L HAST OF CAUDA 

lOOJO 10-00 15/ 5/1986 

1979 B0XAL BAK OF CAUDA 
lOOJO 10.00- 15/ 5/1994 

1981* mur 

100.00 1743 IV 12/ 1986 

1981* 3ATSTE-P0T.Cnr OF 

lOOJO 1645 0/ 1/1907 

1982* 5AXB4A0BBn a CI1T OF 
lOOJO 17.25 26/ 3/1H7 

1981* SOCIETY D*BABTT OdHoSC 
100.00 15-75 15/ 1/1988 

1981* SOCUTC B» PROCAN 
100.00 17.50 15/12/1986 

1976 SUPSOEShGEARr ACC. CO 

99 JO 9-75 1/ 8/1983 

1982* fZKPSOB&JURS ACC CO 

lOOJO 16.75 28/ 4/1989 

1976 ZmSCOLP CUUM 
99-25 10J0 15/ 6/1984 

3500 XOStXH C0KMMS3M 
99-50 13-50 15/ V1985 

19fcl* UtbM OW -ITS 85-88 
100.00 16 JO 1/ 3/1918 


US 1542 16*02 
83 3/4 16*88 UJ8 
IM 1443 15*57 

106 1542 16J4 
MS Sft 1549 2641 

107 5ft 1549 16.72 

, 94 20J5 10*37 

ltt lft 1646 1640 

93 1/8 13.72 US 


75 


25 

25J 

60 


74 7ft 13.93 12*02 
1444 

09 7ft 12-09 10-57 UO 
12.91 

89 lft 2342 1347 75 

78 1349 1242 15 

14-34 ZSJ 
105 1/4 15.39 IL» 76 

100 1/4 1648 1641 100 

102 1648 1641 60 

tt 1/2 1540 15.83 M 

101 17*07 17*33 


17.95 10 J7 


60 

6DJ 

60 


97 S/8 1746 17-20 25 


84 1/2 15-78 11*83 
16-43 

»5 lft 15.29 14 .04 
US 1/2 1544 15.94 


75 


IV 3/1985 

1*79 AWW 

100.00 8.50 1 / 10/1986 

X9U* Jinnw cMF 
99 JO 1245 I 5 /U /1986 

1978 1 » D UK 
UOJO 7 JO 1 / 3/1903 

1982 * AW UK 
■ 100.00 10.00 If 5/1907 

1982 * JW UK 
100 JO ID. DO 15 / 8/1987 

1980 MM 0 BAK 
.100 JO 10.25 1 / 6/1983 

1980 Amfi uk 

MOJO 10-25 1 / 1/1986 

1981 AW BAK 

MOJO 12 J 0 1 / 7 / 198 * 

mi* WO BANK * 

99-50 12-00 1 / 11/1986 

1976 ASIAN DEfSlOnBXr BANK 
99.75 8 45 V 3/1983 

1976 A B S 1 BM . l A.CIB A B RUB AI.nl 

100.00 8 JO 1 / 6/1983 

1977 ADSreiAJEPlIELn: OF 

99-75 745 15 / 11/ 1984 

1978 BABE MBS 4 HOPE 

MOJO 7 JO U 4/1983 

1980 BANK SEES 6 rare 
100.00 10.00 If H/ 19 BS 

1982 * BARK (EES 6 Bore 
100.00 10.00 1 / 5/1987 

1982 * SACK ms A BOW 
100-00 10.00 1 / 10/1987 

1981 * BELCELECmC TO 



9940 

12.25 

15/11/1986 

75 

1978 

Lmnuc ep 


99.50 

7.50 

1/ 7/1SB3 

75 

1978 

c-r.e- - : 

REX7CO 


99-00 

7.75 

u man 

40 

1976 

P BPS lli' LHMlf 

10J 

99.50 

8.50 

IV 4A983 

ISO 

I9&1 

EDBAZn 



99-25. 

11.50 

V 6/1988 

50 

IW7* 8SEOFDU 



lOOJO 

IUD 

1/4/1980 

60 

1976 

nnoran coal h steel 


99.75 

sjo 

IV 2/1983 

35 

1978 



99.50 

7.25 

1/10/1985 

75 

1976 

E880FEAN UVLUIHJJU BA1 


99.75 

8.00 

15/ 4/19B3 

75 

1977 



100 JO 

MO 

IV 2/1984 

75 

1978 

HDPEAX nVESHEST 


99.00 

8.25 

1/ 1/1966 


1982* EUROPEAN M WS1NEI/ T BAK 
100.00 10- DO 1/ 9/1987 

1982* namu ursmm bare 
lOOJO 11-00 If 3/1987 

1979 nOXSCB-CMBlBBSCBB BOO 

99 JD 8.7S 1/11/1988 

W# F H E '^H-eRONIFCg aig REED 
9945 9.75 1 f 9/1987 

1980 NrUUAFN HT 

99*50 10.00 15/ 7/IW7 

1982* XUU9D 

UOJO 1OJ0 15/ 6/1987 

1979 LEASE PLAN RZDEBLAFD 

100.00 9 JO l/U/1964 

usd smoRiic nsEsnss rik 

100-00 10-00 15/ a/1987 

1982* tlROBU nVESIERZKOBC 

loo-oo u-h is/ vise) 

1980 NKEIONAUE RraSLCNDai 

9945 9-50 15/ V1987 

1980 NtnOBALE ZaSERLARDEK 

100.00 10.00 1/ 3/1487 . 

1980 ECTQRAUE KSDESLASIIEB 

99-75 10-00 15/11/1987 

1981 lAXTOMLE RBHNUNDEN 

99-25 10J0 If 2/2988 

2980 Ban«jansK creoitoake 
99 JO ID. JIB 15/ 3/19B5 

usi smenAUs amzsxAK 

UOJO 11-25 1/ 5/1984 

397* BBDE* nSKEE5nXBSBtK 
99.50 6.50 V 6/1983 

1979 SOEH HUBeSSTAlnSBAHg 

300.00 8-25 1/ 4/1984 


195 314 943 848 
UJ1 

1051ft U43 1145 
99 lft 8-09 744 
UO 3/4 9-76 943 
UO 3/4 9-79 9*93 
1031ft 844 944 
ltt 9*11 945 
.105 a/4 1045 1145 
106 10*12 12*32 

99 7ft 846 844 
993/4 849 8J2 

97 1/4 ■ 8.70 746 
99 3ft 8*17 7-Ot 

102 Vt 944 9.78 
99 1/4 104S IMt 
■99 1/4 1040 3048 
104 3/4 10*74 1X49 

921/82945 844 
32 1/8 IMS 8J1 

98 7A 3041 LU 

103 1/4 1040 1144 
UK. 1/4 KUO 10*37 

*9 3/4 b» 1.02 

95 3ft 940 740 
I 99 7ft 849 841 

99 3/4 844 842 

96 1/2 94* US 
99 3/810463046 

Ml 1/4 U40 10.71 

85 13-7810-29 

1644 

tt 1/4 1446 1141 

*»V4 948 9.78 

99 3/810441047 

tt 1446 10J8 
1543 

99 lft 30421049 

1081/8 20401041 

99 1/4 949 947 

ML ' 940 940 

UO 1/2 946 945 
944 

101 7ft 941 942 
MB V* 943 948 
m sft UM* 114# 
«V» Ml up 
99 7ft 848- 146 






















il ii 

If si 


i i I 


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k i* 


T »i 


1 ■ - • 

1 ii 

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ii 

; atTsiuracry 

e ii 


F 

t i m i 


Financial Times Saturday October 23 1982 


iil| 

*3 1* 


: 


881)0 Mil Wt ( WLHIHM 


mo wm «r uxaxt ccarumm 


2 00. Off 10450 13/ tuns 

vm KnEBunsK gampb r iro 
» -so i.n v :/im 

uso mtouxoM sixam ua 

100.00 10.23 13/11/1307 

IMS DIRUnn CAMKJMCT 102 
53.50 10.23 13/10/1307 

1978 REP OUAftP.GOTr 0T 97 

100.08 6.73 1/ 7/19W 


ZK VS f»44 Ml 
7 100 VO 8J7 8.71 


102 9.72 LB.QS 

0.38 

102 0.72 IBM 

9-50 

97 VX 8J9 MS 


1377 mi 3tLM,nR or 
09-79 0.00 V 3/1319 

1970 MHUX.QKaOK 07 
94.33 9.30 >/ 4/1000 

1979 xotmr.cncooK or 
99.30 0.23 IV 3/1904 

»;i mm.nKffOKOP 
99.30 S.2S 1/10/1914 


M S/8 8.74 MS 

ni/i ui (•» 

09 3/1 0-38 *J7 

»Vi *a 

99 3/4 Ml 0*27 


1470 OStO.Cttl or 99 VI Ml MZ 

109-09 0.23 1/ 1/1914 

hi* nnwnn nmnuuK 9* V0 SJ? Ml 
99.30 6.50 15/ 5/1985 

1907* OCKMKIOK BHUjmUJJW: 100 5/8 10.31 10-43 
100.00 10.30 1/ 0/1917 

1979 NXLlrs LAWS T 09 1/2 M2 8.29 

100.00 8.23 15/10/1914 

138?* Farms UMTS lOl 3/1 9*83 10.U 

100.00 10.23 13/ 4/1987 

lMi natson buok ruuni Ml 5/8 9J3 U.09 
55. 30" 10.23 1/ 3/141* 


1*73 U08 mraBJlf 73 V* 

H JO 7410 1/ 3/1901 

1974 HSSAMISHSnUAS 8 * 3/8 

91.00 8.73 •/ V1SM 

137* GOmoSK ■ 98 7/« 

99.30 9-00 13/ 3/1980 

1978 cnraaAC88.em.or .. 78 1/* 

100-23 7-00 V 5/1009 

i0n cornaoww.cm or - 82 7/S 
99.73 8*23 IS/ 5/1901 

147*. caBcucw.cnr w 92 7/S 

99.00 8.73 13/ 6/1983 

1975 cnwcKjCFrr or 93 1/S 

99.30 UJ 25/ J/Ifts 

1382* corwwew.cHT or ua 7/* 

100.00 12.73 4/ 3/1992 

1569 cornuas cotta «n* 1(7 

48.50 7.00 0/ 5/198* 

i97i corasACW cowtt ahtk 1341/2 

100.00 8.00 10/ 2/1910 

1974 caraUBX OOBBT *m «* 

J08 mo 8.73 10/ 9/19*1 

1V7S oormicai coder **at S3 1/4 

94.50 9.23 23/10/1985 . 


73 3/4 12*87 9*80 20 
14*31 

84 VO 12.53 10*42 18 
14.63 

n 7/8 12-13 10*42 12 
13.32 2*1 


id uinr or umiiir (ui*. 1011109 ■ . 
manilBB, , 97V222JI 9*7*133 


lux suw ccneauan 


; 9un ROBtin) 


IUHWW8 tuna ( UBTcbbi ? 


74 1/2 ll«i5 ».M 

«2 7/8 11-96 W-24 150 
150.0 

9Z 7/S 12*11 9*39 100 
4M 

93 1/S 11*08 9*00 120 

103 7/1 12-53 12^2 200 
12*48 

157 4*4* 2SB 

130 1/2 5^7 500 


1WS UUUK 

94.30 9.00 15/11/1984 

1480 U10U3C 

100.00 10.30 1/ 7/1905 

1481 (AMIAJTE 

93.30 12.00 15/ 6/1904 

1912* routs o/s ns 

100.00 10.15 15/ 9/1987 

nr« sbbuv mew avert 

93.75 0-23 1/ 4/1363 

19U mniSH rant CftBH 
98.73 JU5 If 4/19)6 

UK* TAX LUKCBOT T 
100.00 10.23 15/10/1987 


1003/4 sms sms 
20S 1/2 8J7 is.14 
10S V4 10.03 u.35 
99 S/8 W-S5 10-29 
99 7/8 8.34 8.26 
103 20.24 W-92 

9S 3/8 10.64 10-42 


1910 

ta> Luscsor r 

102 V« 9*46 10*27 

10 

99.73 

10.50 

1/ */I9*3 


1.9 

15*0 

UBIU1MIUCR mo 

« 3/8 U.35 11J7 

U 

2DS-Q0 

10.23 . 

1/ 8/1987 



117* 

UBtLO 1AK 


99 3/4 8.55 SJZ 

12 

100.00 

8.00 . 

1/ VMS 


9 J 

UIS* mu BAK, 


99 VS M.M 10-64 

15 

100-00 

10.00 

1/ 6/1907 


7.1 

M**« UHLS UK 


91 UZ 10.12 urns 

12 

100.00 

io.n 

1/21/M7 

. 


1101 

mu eak 


106 9J3 ms. 

12 

91.00 

12.00 

1/ 6/1984 



111 

WILD SAK 


iu 1/8 10.1CU.79 

23 

99.30 

12.73 

1/10/1916 




EM COMPOSITE 0NITS 

1974 COMPEAR BHW BT UK 90 1/4 10-13 M« 
100.00 6.00 1*/ 1/1489 

1973 40909148 MW BOET UK 91 1/4 10*41 9.18 
99.30 6.373 27/ 9/1986 

197] MR ESTATES 4 rtor 79 14.07 11.08 

96.00 8.73 19/U/19M 

mo ccnncr wrrs 


1973 Cor B W OT S BUWW 

99.59 9-» 21/ 5/WS 

1980 ZLSM 

94.00 10.00 5/11/1987 

1981 BtSAH 

99.00 11.50 V/ 7/1900 

1978 B80-COBSB , , 

100.00 9.23 ID f 2/U04 

1971 Z9C « 

99.75 8.25 XI/ 6/13*6 

19(6 KKOHAK (XML 8 53*8L 
99.38 3.73 V 1/1IM 

1976 IMflUHIKCO 
99.00 9.00 IV 9/1384 

1981 64Z M ROCE 

I DO. OO 9.623 10/ 2/UK 

1375 M.I. 

99.75 9-7S 10/4/1985 . 

1979 cotmrac.cra or 

100.00 9.125 15/11/1980 

1964' (SCAUR CORFHAGM 

98.00 5 J2S 15/ 4/1984. 

1975 U3BD.0IBI* 

100.00 10.00 - 31/ 1/1983 

■ 1973 -XCKMB.urnLIC or 
100.00. 8.30. 24/10/1988 

1976 zcBUiB.Raonjc or 

100.00 9-23 20/ 2/1983 . 

19?6 - dcklob, wuc or 
100.00 9.23 16/ 7/1988 . 

1974 ' ICKW JVKR OF 839C 

99.30 . 10.00 20/12/19H 

1977 .OUSKMrTOOU. 

100.25 4.50 20 f C/1987 

197s nunuTDiu 
99.73 9.75 23/ 3/1*45 

197* TBonwa UH-mun 
100.00 7.00 3/ 4/1993 


SC UJl 10J6 loo 
*4.8 

StVtU.M 941 30 

29^ 

96 5/S 12.24 10.11 in 

68.0 

SB V* 11.01 10ms 100 

39.0 

» 7/S 12.13 urn* 130 
»7 VS isms 9.77 US 

30.0 

160 1/4 3*44 4M 

ifii 1/4 sms lOO 

76.0 

97 3/S 12mi 9JI 22S 


1S79 monnsE - 
IMS 901 29/12/15*5 

ms atninnnBii • 

99.00 9.3ff V 3/1*90 

1949 ram mar nx rpr 
98J0 7.00 IV 4/1981 

WBBUMB 

1*W” iBffOB 08 H81S 
looms 13.125 20/ 8/1987 
1973 IBUSMXUU V 

9905 10.00 V 3/1985 

ion in tmkx 

99-30 • *11.00 13/ 9/10S4 

1941- in VMKI 

100.00 . 14.50 16/ 4/mt 

MU lAMssmo/snc 
108JO 1440 50/ 4/1988 

1911 1.T-C.E 

100.00 14.30 25/ 3/1918 

i9>2 iorz unuumu 
100.00 • 7.50 1/ 5/1987 

1972 315S OUJCE3l6Xtm 
10040 7.50 1/ 8/1987 

1972 b*a>t. tax in 
08.50 740 15/11/1987 

1972 KmnURDBHom- 
100-00 7.50 30/ 9/1987 

ms xsnoun ns ion* m 
100-00 9.75 1/ 7/19*7 

1972 imwumaucM 
100.30 . 7.30 u 3/454 4 

1980 OUHMUa IE IUKI 
100-00 13473 16/12/ 19 S3 

1972 (SABER COKOUBUCB fl/S 

98.00 . 7.30 1/1Q/1M7 

75*0 Cn-WMWSBU, HU ' 


S3 3/4 IMS m.2D 129 

usvt 4ms 2D0 


84 VC 18.63 18.70 100 
1740 . 7DJ 
88 5/0 1546 2148 400 
18.61 . 

92 1/4 1349 11J1 230 
250*1 

Si 7/8 1841 1548 150 

Si Vi 18.(5 1548 l» 

95 1/4 14.22 15.12 100 

73 1/2 16.03 10.20 125 
19.15 40J 

« 3/4 17.13 10.73 100 
19.83 

69 1/4 K42 1043 150 
1941 9M 

88 5/8 16.23 1146 

umi 

95 3/8 1143 1042 ZOO 

89 5/8 11.14 147 200 

2146 

.93 7/8 16*40 14.78- * 

65 3/8 18*76 UU47 IS 

21.12 

96 1/8 16«73 15.14 IS 


UO . B 0 9.75 15 / 5/1986 

im - S 0 CRZ 2 ZCEK ; - •’ - 
looms 9.73 12 / 4 / 18 * 7 . 

lux news ten 

100-23 14-73 13/ 3/1986 

1S4D S-T-C-T. 

10040 13.175 10/ 8/7305 

1973 turastuia 
99-30 M0 IV C/198B . 

1980 SUU8.2ZMSDCK. at 
UO.0O 12473 U 8/1985 

1981 sbebise mooscwB 

100.00 IMS V 4/1986 

»79 3«ltS.IODR 
99.73 9-373 IV 3/1187 

1980. OWtnniMlBBItS 
100.00 15.50 J/U/X98S 

1978 EEUIB BSF'IXTZST 
IQS. DO 1040 17/11/1985 

1976. 22CCE0T 

■ 10040 • UUU 10/ 2/1 SB 

un SESiusiMaiBGn irm 
looms itmo u/wua 

2172 . sous UK 

95-75 7.25 15/ C/1987 

»0»nOE6 WJ4H 

1977 B 8 EMWUU 8 D HUT . 
zoomo 7.25 1 / 6/1585 

1977 J44BXSZ 1USH80B IHU 

isomo 7ms 15/ visa 

JirmiE m 


82 3/8 1643 2144 400 
200JI 

78 I7JI1MI 900 
.. X»m 

KIAlkKUA 300 

250.0 

S3 VS 14*23 U*04 500 

44 I/I 11.71 12M8 330 
23.01 

ui/iu-siiiH an. 

350m 

n 7/8 18.94 15-3* 300 
■ 17.69 500.0 

77 31/8 14.93 12*12 800 
40O.B 

» 1s.11 13-ii .aoo 

*4 1/2 14*71 11*83 5O0- 

M Vi U*H U*34 308 
500m 

85 7/8 20*311800 5DD 

soom 

74 Vi 1309 9.70 400 
IMS 2A0m 

500 ' 

mo 

Si 1406 8.83 300 

300.0 

XL 16M4 8.95 300 

158*0 

300 


100 

loomo 14.23 20/11/1965 

1972 CDSNTS U1MCE 

73 7/8 15-67 10J5 

U 

99*39 9.25 13/ */D9l 

19ft?* JftUft ft— UK 

«5-0 

100-00 . 7.50 1/ 7/19X7 

• 11-97 


ioo.n 

S.4U 

W l/UU 

m 

1972 mUXI JSKSCK OF 

75 1/1 14 J( 9.93 

IS 

Ml 

APSTRAUA. 

OOOOKULIS 

38.0 

99.30 7-50 V 9/1987 

17-08 


inmo 

6-50 

V 9/1996 

100 

1973 9BCUAK.XI1CDCK or 

.68 VB l(-u 11. » 

13 

1983* 


motor 

75.8 

100mO 7.75 13/ 6/HU 

19.69 


ioo.n 

8.25 

1/ 5/2192 

400 

1990 uxcTiicgg w msec 

96 5/8 15.83 14-75 

10 

1979 

VBarUK 

R/ 4/1986 

ISO 

100.00 ■ 14.23 13/ 6/1393 

1978 ZCTMXIIXUn 

99-30 9.75 14/12/XS8S 

■73 1**66 15.00 

10 

99-30 

19BD 

6 JO 
RBWFDIA 

150.0 

17-50 


xoo.n 

8.75 

1/11/1988 


48 U.97 9.93 100 

13.09 74.0 

99 VS 19*22 9.40 ISO 

98 10. tQ 9.71 120 

90 18.33 10*39 ISO 

75.0 

92 um 900" 130 

usm 

94 1/4 11.93 10.22 150 

73 2/4 11*93 9mS 173 
I*-47 105.0 


101 S/I 13.47 13.65 
104 V4 13-17 13.60 


19424 CDCT RE EH - KB’S* 101 S/I 13.47 13.65 
99.73 13.115 13/ V4910 

1942* eonciL or uiort iW V* 13-17 13.60 

100-75 16.23 30/ 3/1990 

1952* CMorr FQK1H E94 103 7/4 1204 11.24 

99-30 13.73 31/ 7/19(9 

ini ntorUK xmsiKntr m>c 102 Vt 12.67 12.94 

100.00 13.23 1U 6/194) 

1983* ntOFEAS ttreraurr UK 103 1/4 12.97 13.32 
99.50 13.73 15/ 7/1949 

1981* HB0F2A9 HTO3TJTT 1C XU 104 U.53 13.70 

99.29 16.29 21/10/1169 

I1U* 1 .8.1. 94 3/4 14.26 14.18 

90-30 14.00 If 7/1919 14.29 


9.0 

99.00 

9-30 

7/11/1963 

17-17 

137-0 

20 

197* 

xnLA».xwnue or 

99 12*26 10.13 

200 

12.0 

99.50 

9-75 

12/ 6/1984 

12.54 


15 

1970 

— ummHB 

77 VZ 11.56 9.9$ 

300 

13J 

99.30 

1.30 

12/10/1993 

' 13-69 


12 

nn 

nftMUJun 

iwnntR 

79 VZ 11-62 10.03 

80 

SJ 

ioo.n 

.. 7-75 

a/ 1/1993 

14.06 


9 

19(0 

KOHMaUH 

Lueiuxiini 

94 5/8 11-06 10.33 

70 

6J 

100.00 

*.» 

23/ 9/1990 

11-92 

70J 


cusrr P0KUR E94 103 
13.73 31/ 7/19(9 

nraUK utrESTwrr m>c 102 

13.23 11/ 6/194) 


7/4 12-44 11.24 
Vt 12.67 12.94 


1969 KARrOM.HaniCC X44C 163 .10. 4.79 130 

97.00 7.M 17/ i/1989 

1973 unTOM.aovncE or 97 i/4 11.33 9.7s too 
100.00 9.23 4/12/2985 

isai* Mon*&a,axT or 103 1/2 nmr 13.17 120 

99.73 19.25 10/11/19(4 

1979 wnacc uk or ewtur 91 vs 11-03 10.14 125 


98 3/4 14.26 14.11 
14.29 


100.00 9.00 22/11/1991 

1981 HDHLUOU 6M09U 
100.00 11.29 1/ 7/1944 


11.61 123m 

1821/4 11.40 IU33 150 


50 

un* nr use s t di tordio 

101 3/4 14-27 14 JO 

12 ' 

1963 

annus komkauabk 

166. Vi 

3.69 

75 

30.0 

100-00 14-73 3/IVL9M 

14.21 

LJ 

9f.m 

SJO 

15/ U1582 


43.0 

M 

19SS* ITALY, RBBSLir or 

99 7/8 13.98 Mm? 

15 

1971 

POKES SatHKAEBAXC 

168 V* 

3.14 

75 


lOO.n 14. n 21/ 2/1919 


3.7 

9S.73 

7-73 

13/ 3/1906 


47.0 


1912* QOniC RHD 
100.00 >3.30 It 6/1989 

1981 openemro 
99.00 14.39 16/ 9/1988 

19124 l.D-X- — IXAECE 
100.75 14.00 1/ 4/1992 

mi i-T-r.t. 

100-00 13.00 =1/ 4/1907 

nra mhbut nrrrs 


3/4 13.28 13.40 J2 
4 

1/4 13.42 13-40 25 

19 

: 5/8 13.46 13.(4 20 

13.33 20 

> 7/8 12.90 13.02 20 

13.02 IS 


1972 1X4211. HC/M 3.2223 97 3/S 10.00 (.22 

99-50 (.00 U 3719(4 10-45 

1971 tm BO/DK 3.66 92 1/2 9.10 7-1* 

91 JO 7.2» If 3/19*6 11.56 

1971 nram oo BH/H 3.66 94 5/> 9.37 7.95 
I9.S0 7.50 12 t 3/1984 10.43 

1971 fOOTI ATtXCA Bff/M 3.66 93 1/4 10.36 Ml 
100.00 4.00 1/ 4/19(6 11.90 

mm tsirs or audito 


1975 i.r.S.1.. 

IM.00 «.M 21/ 2/1943 

1978 imoiocns cots iasqu 

99.23 7.00 10/ 7/1903 


94 1/4 12.71 10.15 
14-40 

72 7/1 11*93 908 

isms 


1)74 aon.cnr or 87 vs 

96.30 4.473 1/ 4/1992 

1975 OSLO. CTTT or 97 3/4 

99.50 9.23 13/10/1585 

197* MKUCA.UraUC OF 42-1/2 

99.30 4.23 - 2/10/1*93 

1974 kcexeit win dnuun ' *8 

98.08 4.73 22/ 2/19(9 

1979 QmK.MnKI or 86 3/8 

100.00 . 9.23 17/12/1994 

1975 S.D.4. - IUX3 ‘ 74 1/2 

99.30 7.00 3/ 7/1993 

1979 M.1.-9HU 15 S/8- 

99.30 4.30 27/ 1/1994 ' 

1975 S.8.R. - RAKE 94 1/4 

100.00 1.23 15/12/ ISO 

1975 SJI.R. - ISARCE 96 1/2 

99.30 9.50 5/ 5/1907 

1979 S.F.T.I. 81 

90.30 4.23 IV 4/19*9 

1969 lanum Rnu/zucxns iu v* 

98.00- 4.00 10/ 12/ 1444 

1970 Mon UMet-Win.Tr. U U9 Vi 

91.00 4.73 30/12/1942 


87 VS 11. V 1005 200 

12-(8 

97 3/4 11.24 9.73 100 

12.12 um 

42-1/2 14-07 13.38 100 
17-41 72J 

48 U.09 I0m3 400 

13-39 

86 3/8 11.77 11.81 175 

12.32 U5.0 

74 1/2 U.60 9*66 10Q 
13.06 52.5 

15 S/S -11.11 10*21 U5 
12.09 74m 

96 1/4 11-73 9.8S SO 
13.46 490 

96 1/2 11.26 10.13 200 
11.99 14218 

81 13-29 10.48 ISO 

13.00 

.68 V4 5-39 300 


5.75 100 
4sm 


. 94 J0 .0.00 11/ 7/1998 

1979 BKAXCK 

100-00 9 .79 31/ 5/19*7 

ism Baaratt 
100-00 13.50 22/ 5/1987 

2972 UlIHUt COAL 4 STEEL 
99-00 7.25 U 4/1947 

1973' ™i m» COAL 6 STEEL 
99 JO 7 JO 1/ 7/1991 

19(0 ssnrcur calx, s steel 

99.00 14. 25 3/ 4/194 6 

1972 RM0F1AK mtsaorT MK 

99>75 ' 7.23 1/ 4/1987 

1973 moraw n vEsna*! ' us 

99*25 . 7.23 13/ 3/1988 

1978 .znonAo a n mn ua 

99 mo 9.75 1/10/19SS 

19(0 zanrux xnuiMKE (in 
99 JO 14.125 7/ 1/1988 

1979 nsun.xBFnRLze or 

uamo li-n- is/ 10 /iM 

1979 nnAn.xsraouc or 
99.75 1M0 15/10/1989 

1979 OAZ BE DUKE 
99-30 . . 11.00 30/10/1984 

1981 OAZ n riASEE . 

100.00 13.875. IV 2/19*6 

-1979' UK ruses 
99.58 11.875 28/12/1984 

2980 LA UMBZS 
99.50 14.373 23/12/1945 

Dio naco.ro states or 
ltio.oa -iA.ua V (/ms 

1972 MDETUAL C41WT.TT SC800L 

98.25 7 JO 1/ 3/1*87 

1972 KH ZEALAFB.OTT OF 

98.00 - 7.25 If 4/1347 

1979 nmnRSKoaH ar 

100.00 . 9.23 20/ 2/1984 

1972 bu sconunoriKB at 

99.25 7.30 15/ 7/13(7 

1972 osw.cht or 

99.30 7.Z5 If 3/1917 

19(1 o tuuu t maB no inemg 
100.00. 14mo 13/ 2/1986 

1179 1A4. TSBGEOT-CmOOl 
101.50 9.7S 1/ 2/ 1987. 

1972 Fm-A-tOEBSOB j • 
lOO.n 7.30 V 8/1987 

1972 wane jeotiecs or 
100.00 7.30 IV 671987 

1972 1IAS7T MSOt COKZElx' 
99-00 7.75 25/10/1947 

1972 RH4HLT 1 - • 

99 JO 7.25, 15/ 3/1987 ' 

1979 no u nr - T - < 

100.00 9.75 ' - 4 1 7/tS*f - ; 

- 19*0 RWtlBl.T c~ • 

99.90 1S.62S 21/ la/ 1963 

1972 nonmouiK 
100 JO 7 J0 15/ 4/U87 . 


47 1/2 17J9 11-83 
21.82 

» 1/4 16-74 IM 6 
89 7/6 54.73 15mi 

77 Vi 14-43 ' 9 m9 

10-49 

59 S/S 16-32 12mB 
15-43 

94 3/8 14J8 25JA 

75 7/8 15.23 141 
14-68 

6* 16.34 HUM 

18- 4A, 

74 7/8 16.69 23.02 
91-2/2 16 JO 15.44 

91 3/8 ltmi umA 

78 XT-10 14.74 
14.07 

11 V4 15.92 11-99. 
.99 5/8 16.38 14J2 

92 1/8 2 M 4 1 LB 

94 3/S 16.(9 15.23 

17 JO 

85 21-83 16.47 

70 1/4 17.71 lom* 

»41 

74 Vi 15.33 9.74 

19- 05 

91 1/2 16^4 10.11 

74 Vi 13.28 10413 
13.51 

74 13.82 9J0 

19-99 

93 3/8 14.62 14.19 

77 1/8 17.67 12*64 

20.66 

74 V 8 15-64 10.12 
19.82 

74 VS 13-44 um5 

.. 20 mi 

65 3/8 IMS Um3 
24J3 

71 1/8' 15.71 9.78 

19.26 

84 V* 16.11 11-29 

93 Vi 14 J 0 14 J 3 

74 1/4 13.83 10.10 
' 19.82 


1978 ASIA* W.V8U1 W M RT UK 88 7/8 8-19 8J7 300 
200.00 ’ 3.75 V. 9/1944 

1981 AKAI Bnuna; UK 97 1/2 s.66 8MC AM 
99 MS 8.25 13/ 4/1991 ' 240m 


sum 

08 3/8 8.7* 8.64 M0 
4M-0 

96 V4 sms 8.33 500 

isorn 

93 3/8 8-73 .0.94 300 


i9» . toottw a in Vi sms sms 230 

XOO.OO 8.73 1/11/ 1988 

1977 tatanta mx nigB baxx 90 Vi 8*07 7.34 goo 

109.00 7.23 1/ s/1584 550.0 

1979 BnPFSAK lm sa ail Ug 95 3/8 smi 8.10 500 
99.23 7.7S 1/ 9/1589 460.0 

1982* SB0RAR XmSUSE UK 07 3/4 *J9 144 SCO 

. 99-30 4.23 15/ 6/1992 

1MQ mapzAD H t junjuai un ioo Vi 8.(1 sms soe 
99 JO 4.75 11/12/1990 260m 

imo TTW.4K0.9aaa.Tt; or is 1/8 sms imi 500 

Moms 8J73 1/ 6/1987 

1911* jsm-AmcAjr tor as in Vi sm? 8.77 300 

99.30 4.475 1/11/091 500.0 

1982* SAME ADC MB 6 HK 96 Vi 4J2 8.18 400 

uomo zm73 23/ Visa 24om 

1941 war SALAD, GOT OF 99 1/8 8 -39 8.45 400 

200.00 8.375 k/ IV 13X7 2 KU0 

1180 suotx.craai ar 98 3/8 8.79 8*44 M0 

100.00 > jo V van . So.o 

1977 KSLO UK ' 97 Vs 7-95 604 800 

100.C0 6 JS IV 8/1384 520.0 

L98S*mUUK 99 8-52 Ml 500 

100.00 8.375 10/ 3/1592 30041 

19(1 UXU» 6AH; 1O0 1/2 8*65 8.71 500 

100.00 4-73 - 20/ 2/1991 

gtOSEXE (tpeiK) no 

1972 COFEIUCnmiZT or 89 9.12 74tt 600 

UJO 6.23 v 9/1927 10JO 

KlteSERS 080947) * 500 


24/3/988 
IV 7/1989 


Z1/1V19S7 
17/ 4/1*44 


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82 1/4 11.94 8-51 
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07 3/8 10*40 Umi 

US 1/8 18*45 urns 
lomt 


»n A8TAK HHLBHnff 348K 7JS 

100.00 "sms 23/ 4/1987 ll*3t 

1*73 IHAOffW ■ »4V4Um7»U* 

99.25 7 JO 10/ 4 pan 84.71 

19)3 dK tt 80 3/4 12mi 149 

MM0 »/6flW 14-17 

■1171 » e — —i 11 8 86 V * 12*32 fall 

200.0ft *.0ft av 3/1*8* 

nn cBBnm yffw 84 1/2 lima f.M 

100. M 8.25 28/ 2/1919 

wt eonennssow' a*i/*a-»* ^ 

09.73 7ms 15/ 9/1987 U-83 

1982* COOKIL « tatrt 106 1/4 UJ0 11*76 

100.25 12-50 IV Vim 11-70 

U72 Htfww or 7f l/i isms *-*9 

100-00 4*73' IV 4/1987 U^X 

1979 WV 91 3/8 UU48 8-76 

100.00 6 mo 23/ 3/1987 

197* BHUJtW ■ 97 3/8 10-40 10-01 

inmo 9.75 8/ vim 

1981 JBiAJOf US 1/8 10*95 IMS 

ua-00 urns 34/ Vim lomi 

1982* BUM Ui U*TS 124S2 

100.00 12-30 3V 3/1*92 U^l 

1973 BunKi SO S-Q7 740 

,90.00 4.73 90/ 3/1*8* -10.43 

1978 DURU 8 86 S/8 U*7* 846 

100.00 7.50 24/ 3/088 U4X 

1979 asmrmK 89V2U.7A ».» 

99.73 4.30 IV 7/198* 10-89 

1975 raornA S 99 s/0 urns 9.7* 

108-00 9-75 24/1/U83 

IBM ZHOrZHA . 0* 10.76 inmx 

91.50 ID JO 21/10/1957 

lUl' BBBQFIK1 309 V0 10 mi tuu 

99.30 12-U 17/ Vim 

1972 2BROFEAE COAL t EXCEL ft 3/4 0.7ft 7-36 

99.00 6.73 15/12/1*47 10*49 

1973 ZBHKAE COAL * REEL . 09 V* “.01 7*80 

99.00 . 7-00 IV 3/1985 15-26 

1973 EfllMMK COAL 6 USD. 00 - 11.99 S.7S 

98.21 7.00 If 7/1*48 J5J4 

1973 EDMFC4B COAL 6 4THL ■ 88 1/8 Ml 849 

98.90 . 7.25 20/12/19*8 U-l* 

1171 . KHOFtAK COAL A REEL 98 14.09 Ml 

100 JO . 7.75 18/ UUO 

1976 DHFTAE CUL 6 SIS. 87 7/8 10.69 8J2 

100-80 7.73 27/ 7/1948 

1978 ZDWFIAB .COAL 6 STEEL 81 1/4 1ZJ4 041 

99*25 7.75 20/18/1988 13-19 

-1977 nUKAE GOAL * STEEL * 95 1/8 MJ 8.94 


1978 KEEP HBHttttOtttL 

99.00 4.35 IV 9/1987 

i«7* tohot Acnraao 

uomo 7.75 1VVUE8 

1973 mra-FIKUEZ _ 
loomo 4. 73 4/ 7/130 

1975 wtJu - n w a • 

100.00 8.73 fflrt/UO 

‘ un tuarsmanni 

09.00 7-25 U/10/1S87 

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9940 smo u/u/un 

1940 IMEtlT lllill l ■ 
loom? 10.35 IV 7/007 , 

un xxoacaodbCCEr or 

100.00 10-0 IS/ 4/1984 

19)8 SBBBG58 UIUIMIT UR 
■9940 OmO C/S/1968 

19M 9RMSS MUR lffi! 
uomo 11.25 IV 6/1988 

uh-innai , i 

100.M 840 30/4A98& 

1079 «cn 

loomo 9.75 28/11/1*87 


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1978 utiuBBimai W n 
I® -00 8-30 IV 5/1988 

3977 K4T ALtZRXX R4TIC4T E82 88 

10040 8.75 15/ 6/1197 

-1977 SMXR-MDMGOO ttZ 83 

100.00 8.50 : If 4/lffJ 

SIXALIPC/IK 


J?W0 

' 147 ' 

946 

1244 30.17 
1549 

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94.00 7m0 IV 1/1*04 - - - - 10*44 • 

. 1972 BSC ESTATE** 70* 7.338 9 ■ 9-6* 7J* 

99.75 6.75 Uf.XflW , 1144 

1972 (oiBUEs nr 7 mo »J/2 7ja un 
100.00 6.25 90/ 6/1993 * 

1968 SXU-ntBA , 945 98 l/2lim7 7J0 

0440 7.25 V 3/1983 8 

1964 TWZE.enr or umc » U|» 7.19 

34-00 6.30 15/U/UM * 1544 

40ST84LTA8 B0UAVW 

1972 UUL A OBWTtlBE UK 92 1/2 Mt 7*15 

U040 6.50 TV 8/1987 S . . . 5-77 

WBHE AL ST88CEHB IMI i m 


10040 ' SJ0 23/ 5/ IS 47 . ' 10m9 

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99.75 4.73 24/ 9/19*7 . 

1175 menu coal « rax >• 98 VO *ms «J7 
99.25'. 9.00 IV 4/1985 10-33 

1)76 mom» coal t m > hi/i xomz oma 

100.00 9 JO 3/11/1934 

im xsoonorcoAL 6 ran *7 s/s urns lomt 

99*00. 10.00 20/ V1590 10J4 

1972 . 2ZHOFZAE UlllU B U UK 92 . 8.71 7J4 

99.00 . 6-75 15/12/19*7 UJ9 

1971 jsnonut l Ei Rtumx bak u 1/2 a.sa 7U9 

94-00 7.00 15/10/1986 10-70 , 

1973 SOMFEAK 1 K9 I6HKH ' UR 80 ’ 12.51 8.75 
M JO . 7.00 1/2/193* . 16J4 

1973 awrot a i mna eak uj/iImi 8.72 
98.25 ■ 7 JO V 6/1988 . 14.47 . 

1973 KHiKAa amranr uk M*a/8 9ms 7mi 

99 J0 7JB V 1/1964 UmS 

1979 HMKAff lETtEaaxr 8R» 87 7/8 10.78 808 
99 rno 7.73 IV 3/1)88 

1977 809OWB ZWnSZWT K B 911/8 1000 8-71 
99-00 800 IV 8/1*87. 

1979 TWEAK ZEVECSOn UK 97 3/4 umi 9.U 
100.25 34» 1/ 2/1991 

1*75 etnoRAK mme txa m/s io.u f.es 

100.08 MS 23/ 5/1965 . 

19M waonu oiuant eak 97 V* ioma lomt 
100.08 . 9.75 25/ 1/1988 

19(1 bbofkas xw esanet un ioo 7/8 11.2 * u-ao 

99.00 UJO 5/ 4/1984 11.23 


lomo 

04 5/010-17 sms 


f.12 rms coo 

IOJO 


07 3/8 IP-45 10U4 

02 . 8.71 7mA 

wm9 


1973 wmnAK nmani mr so 
98 JO . 7.00 W1938 


un nwnius 91 1/8 isms umo uo 

lflomo 10.23 13/10/1383 

19*1 xencxnnn 93 . 13*73 12.10 in 

99.00 11-13 15/ 6/1544 600.0 

1979 HRBtC IHIIBI H UR 02 5/8 15.90 10-80 600 

loom* ,10.00 is/ vuts ' (06.0 

1990 KXD1C LCTXX2K0T UK) 52 1/2' 13.84 10-81 800 
100.00 10-00 13/ 2/1985 4004 

1911 wane XKEssnosT us so 1/8 u-94 umr (do 
19 J0 10.23 V 4/19*6 360.0 

J975 0OBEB OMRteatfK 98 3/4 9-04 (-46 400 
loomo 8-75 V V1987 9-20 

19(0 aO>>aBlM.lB(2E4CC 4890C 90 13*1 L 11.(7 400 

l«.n 10-50 13/ 4/1988 . . 14-74 240.0 

1963* JHEOttraW JCS204OC ASSOC 98 1/2 13.78 13-71 HO 

100.00 13 JO 30/ 4/1190 13.90 400.0 

1*90 osu.cnrmr . so i/4 uj* umo aoo 


40 3/4 11-97 5.72 
14.57 


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11-23 


un cfu.cnzn . 

99.50 9.75 l3J 1/lSM 

un asu.cszar 

100.00 IftmS 15/ 2/U90 

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100.00 13-00 . 30/10/1986 . 
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1979 tea • ■ T. . 

180. 00 IJ5 25/10/1917 

1972 AXES nun • 

100.00 6 JO 16/ 6/1987- 

1973 AkEBD T UU K Cf - - ' •' 

99. 50 4.25 20A0/15O 

1976 Ansa nxucz 

100.00 4.75 50/ 7/15*4 


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90 5/8 U-2* 11.34 400 
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98 7/8 13-33 U.15 500 

soom 

100 

520m 

95 V8 10-55 9-72 300 
- 10.77 410.0 

79 VS 12U5 8.16 300 
16-01 330.0 

S-96V8-23.U 9.36 no 

8 93 1/4 U-n 9.38 500 


1942* ZHtqrUE neRnRHT UK U» 1/4 U.04 1U58 

33.30 U.15 23/ WUM 10-91 

1972 ciaeb uraoroLrus bohl 76 Vi mi 
99.25 m.75. V 5/1947 17.46 

3972 ddobt ROD 07 7XK490 77 13.59 0.89 

94.30 7-00 15/10/1547 19.33 

1974 HUPPSEUt: TJXUCB 99 Vs 10-45 8 JS 

100.00 (.38 IV V19S3 

1975 1JH4KIP4AL LE THAECE 97 5/4 10.86 3*32 

100.00 9.00 13/ 4/1905 - 18.47 

1972 ZXT KMBUO IMCI8TC -77 J3.U 9J4 

91.00 6.50 V 9/1907 17.14 

1977 1104X1 FU 8 06 VB 0-*9 M2 

108.00 8.00 Ilf 4/U47 . . 10.14 

1973 KOTCICS UK or BZSUK 91 7/8 9.30 4.16 

MAO 7.50 V1VU48 18.70 

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99 JO 8.00 6/12/19*6 12.75 

1972 osLO.crrr ar 70 U-67 1.34 

59-25 6.73 21/ 9/1917 14-44 

1979 onommor srveums 9.u 

99-50 imo 10/ 4/UE9 12-23 

1977 0SL0,car or. . > * s Vs Ml smi 

99 m3 4J0 4/ 1/1987 . 10.71 

1979 niLXFSXRTIK 94 1/4 1U02 9 ms 

m-00 8.00 V 5/1980 

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looms 4.75 IV 5/1985 


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1900 SBRRC1AL VS rntACCE # 
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1978 extxamr o/i m * 

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. 108-08 13.50 V 2/1990 

1977 cooRAam tEF-ra 
98.00 9.75 . 13/12/ 19 09 

1977 8D80FEAI COAL 6 ETESL# 

100. DO 9-623. V1VU89 

1980 EOURAJI COAL 6 STEEL f 
100.00 03.50 23/ 10/ LIES 

1978 EOROFEAK H9I8TM C 8r K f 

100.00 9-75 13/ 2/1994 

1977 88UFGM U I MWIC R I 

09.75 9.75 13/1 7/ 1992 

1179 ZDimAX UVUTHSET SC # 
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1979 S8B0F8AS BIB9BR K # 

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1978 1ZIAE HAAI O'nAKTESOQR 

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■ 1977 TOUKI TOR X BB 1I0 
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1979 TXwacE m imrar 

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1977 7T4Q8S Ur m 

IDO. 00 10.25 13/12/1987 

1979 'CBt-CEKUL CLSCnie CO 
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100.00 11.00 13/ 3/1988- ' 

1978 xml m Hounast ' 

100-n 10.00 : u 3/1988 

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100.00 16 J9 V 7/1387 

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ifj inmo- i.a isrunm 

1A 1164 nSCTUPZC hwrus 

9-1 uomo smo . isiivcias < 

2fl 1980 KTH11B1 nSL FIX 

20.0 ICO. BO • S.U V 10/19*5 

2ft 1965 m rar store ns 

3.9 uomo- -4.50 13/12/1989 ft 

30 1972 I8BBBS GW 

am looms smo list im 

to. I960 JIUKWUCW-IXP 

57m uomo - imo U 3/um- 


U 21-59 

1905 

54 V2 19.14 3LW 

15 V4 3.93 

120 5/8 7.BS 1J3 
U.n 4J2 
71 1/4 i.78 37 JO 
30J4 1*55 

84 3/8 AJ1 9 JO 
48-38 4-55 
283 1/2 3*00 -.91 

26*13 l JS tfim 
2*4 • 3-01 -.31 

28.U 145 DF198I 

110 7/8 *J> 8 JS 

24.13 145 

69 5/9 9J3 K5J7 
4 19(3 

230 •' 2-11 *27 

66*89 7-W 

*4 1/8 7-80-129J2 
14-63 .9*30 - 
81 1I.1L 11J9 

11 1/2 im* 

84 3/8 10.07 . 12. a 
14 . Ml 
71 ■ 13-U 6*-*0 

9 3/4 2*66 
48 '> 7JT 46J0 

16 1/2 6.93 BT 1979 

111 S/M 4.36 -4.99 

34.13 4.01 DM976 


1968 FORD ST CAP 


V 5/1583 S -.23-43 


1175 FORD IK m 47 1/8 7.U 47 JI 

100.00 s.n 15/ 2/1988 , 35.41 ... 

1971 MU nr CAP 78 va 7.0 sw 

in.00 6 JO 13/ 3/199* 23**3 

1980 GALAXY DR WT 36 2M1 127 J* 

ioo.n 4.50 1/ 1/1196 3-15 .. 

1979 cAw niuG -wansxa* - 844 fo am* 47. M 
100-n S.OO 15/12/1994 , 15.JI 3*29 

1972 BUWAL CLSCTWC O/S 96 3/4 A- 50 1.95 

100-00 4.a 13/ 6/1997 . 7* 3/6 4.55 . 

1964 GSKKSCO WOULD AFFASEL " SO UJO. 
UOmO . 5.30 1/ 3/19F4 4-15 .DK078 

' 1969 CTFFnt XSTGUAIIOKAL W 7* 7.92 

■100. £10 3.73 V. '2/1914; S , 4 1/2 197* 

1967 - ClUXm WT CAP 97 Ui 6 JS 57 JS 

1 00 -CO 4.73 31/12/1982 8 - A1 3/4-' 5-03 r 

1977 GILLETTE CD 73 US 5.98 27.16 

100.00 «.T3 VXV15V7 ' *»'V4 5.93 * . 

1964 CRACK WR 0/9 3b -1/A JUM 99.26 

57.50 SJO 1/ 4/1946 S 15 1/2 7.J2 . 1178 

1972 BARRIE nr rU 211 V8 2-36 ’ — 4J7 

1=0. CO 5.00 I/10/I192 33 '1/3 2-63 QF1981 

>9.11 BCA riMSCE SV I0b 1/4 K.» MT* 

130.00 8.75 15/ 4/1994 42 1/2- im* 

1940 RELWRICS S PAYVE PIN Pft 3/8 9.39 46.75 

100.00 T.3D 19/10/1193 31*63 7J7' 

19RI ffiaox 1XT ns M '■ 14J6 46.11 

100-00 .9.00 19/ 5/1144 1* 1/4 

.1170 HOLIDAY IMS P/S . 101 1/2 7-88 I2J3 


ECTKIC 0/E ' 94 3/8 A. 30 X.35 

13/ 6/19*7 . 7* 3/4 4J5 

RLDAMMEL- " 50 Umo. 

1/ 3/1504 4-13 DKVS 

ERBAIIOKAL SV 7* 7.92 •- 

V . '2/1914; S . 41/2 1974 

ST CAP 97 Vz * -93 SIM 

31/12/1982 8 At J/4- 9-03 r 

D 73 V4 5.9ft 27.38 ' 

1/1V19S7 ' ftl'VA 5.93 . 

0/6 .86 2/4 3. W 39.24 

1/ 4/1946 S 35 1/2 7.92 . 1178 

nsl ' 2ti 9/8 2 -V* -6*11 

1/10/1992 33 '1/2 2-63 091983- 

E EV . 106 3/4 B-20 VJ6 

15/ 4/1996 4? 1/2- im* 

t PAYVE PIN m i/* 9.39 46.73 

13/10/1113 31 .H 7J7' 

nx 64 • urn 46.U 

IV 5/1994 I* 1/4 

ts P/S . 101 1/2 Ml 12-33 

LV10/1M5 ft - 3? 1/4 2 Jft PF197S 


m n 

5«*3 

0.3* 

50 

1171 

BMtETWnX CAP 

77 

6-90 33J2 

21-38 

(JS 

1962 

30.0 

100.00 

4-00 13/1 VIM4 

■7*1/4 

4.33 

SO 

5J2 

>4-23 

30 

1148 

BUZYUEU-n/A TO 

97 5/4 

5.1s 8J6 

21.30 

6.55 


m-o 

100.00 

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, 7* V* 

. 4- 35 

95 1/4 

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t.91 

10 

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BSm I FT WIT 

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IU 1/4 6 Jft -4.12 
21.36 4.35 W 1180 

2D . 27-50 191.47 
2 1/6 

116 7/ft 4.» —1.17 
37 1/6 3.96 
127 1/6 5.30 -1.79 
37 US 5.9* 

70 1/2 4-7* 114J4 
13.43 4.93 

80 1/2 *- 17 15.12 
36.38 5.50 

40 7J4 -4.24 

26 3/6 * DM579 

4ft 3 /• 17-05 103-07 
11 1/2 4-70 
X3R 3J4 -5-31 
35J3 4.83 DPI *77 
124 5/4 4.94 -4-93 
35.63 . 4-83 DP 1977’ 
176 5/ft 2J3 -J.lfi 
U -43 ft. 34 DM979 
<1 3/8 4-31 . 

ft V4 . W1979 

61 3/8 7 J* ; 

8 Vi " BMW) 
19- 32 JS „ 

1979 

Ziff . 6.14 

152 \n 6JZ -*13 
31 3/6 1-13 - . 
ftl 1/8' 0.7* 13.95 
um 9-24 brim 
72 5/4 6-87 54.34 
28.13 1.56 DM 943 

AA 1/6 19-77 W JB 
5 VA 4.24 

«X Ui 10.91 5A6 

4-58- Ui 

Kl/2 SJS -US 
33-99 5.90 DM979 

“V* 7.73 32.51 
75-86 5.50 


'.£% »» 
L 5.33 UA 
1 3J9W1K0 
! 4.S* >0.16 

| 13-93 49-42 

•11.78 14-16 
1944 

1-8*94 «JZ 
l SJS 

Vi 'j& ^ 

i 4.07 40*55 
4-53 
' 4J* 

. .' Wt*)* 

1 1U7 37.71 
Mt 

6*66 * 3-90 
5Jt 2976 
1341 

t 7 Jl 66.9Q 
ftJSHIV* 


100 .50 3.10 . v 6/1448 ft 

1977 IM OVERSEAS FIX 
loomo 6. TO iy 8/1197 . 

19ft) WA OVE P5TA8 FIX 
loomr 4.79 1/ 9/:noa 

1971 TVYRXaxr MITSUI P/X 
I uo mo 7.oo is/ 4/1146 

l"w uor vuaDAxn elpctkic 
ioo-n - s.oo iv vim 

194K HIT SIAbOARn ELECTRIC 

inmo j-m 1/12/im 

1169 . 1ST raXDARB CLKCTA1C 
100.00 6.25 1/I1/I9H9 

1946 .1*6 nXAXCft DOLDUKX 
uomo 4.50 1/ 3/1986 S 

1172 ITT 

100 JO 4.7S. ..1/10/M7 

1949 ITT ffiHUna KU 
180-00 4- SO JV 7/1969 

■ 1148 JOMTUi: LQCAK o/S 

inmo 4.73 i/ vim s 

19M RAISES ASM 6 CCB1 FTP 
100 JO 5 JO ■ 1/ 2/lW) 8 

1180 UT CAPITAL . 
in JO 8.50 13/11/1995 

1910 - H>LH««Ce» TXT F1H ft 

uomo smo iv 7/i9is 

,1968 urn-TOMUM) IVT m . 
100-BO S.n V 8/1188 ft 

19*1 umwc imsuTtoMir 


,1/10/1119 ft Il.u 5.39 

96 lOmft 94.79 

. V 4/1148 ft IS 1.31 1979 

S VIX J06 1/2 5.63 


B» 9/P ft. 48 
2 1/2 DFtWt 

TJ 6.H9 STJ7 
19W14.H MWTft 
66 1/2 7 Jl 70-27 
2ft l/A 10.51 
73 Vft 0.15 66.79 
a l/I lp.11 DM979 
7i «.<4 ii.:* ■ 
29 1/2 10.51 OF1977 
73 Vft SJS 6U3 
211/7 10.31 . 

g in cm 45.12 
1/2ID.5X 
93 Va 5 .13 . - 
17 3.93 

71 3/8 7.13, 27 JO 
13 3/4 4:3?' 1978 

'I m *-* 

11* 0.90. >3.53 

M 1.10 
13 42.16 IS7100 

M3 1979 

W in 8.72. IJJi 


I.a 15/ A/1994 “ XT 3/6 ML 


1979 - IK W0a»?lflWI. FTP 
loomo smo iv tf in* 


<9 1/8 11.57 36J9 
« Vi >94' Brim 


12 V4 >5A BFtm 
** J f ™* Ar W ,cy r 187 6* V* 21. IS . JA-30 

100.00 . S.DO 1S/W/1J93 - 12 3/4 " .94 - 

I960 -CTV lSTDaiTTOSAt ■ UVA 7J* 75-59 
WOmO MO 1/ 7/1988 ■ JJP ■ SJ3 T|7» 

KTBLAID O/S .67 5/8 7.39 50.» 

loomo sma- iv Vim 1* - 0.94 tmaT* 

1980 KAKlflH mr Tift 47 V4 isms umi 

ioo.ee 9.00 V 10/19*3 3.13 -Tt 

1973 KA3C0 110 t/A A. 08 JTJS 

mma .a.so - 31/ i/iflt 'uv* 2.29 

'1972 MESK.TUAL WCE' UALTT~ 68 ‘ o.oj Umi 

WJ0 6.75 IV J/WB " ifi lug “ 

1981 mSBOTSAL XTEE 6 BTAL2T 74 S/8 10.72 t-93 

U8.00 emo IV 7/19*4 uvzio^S 


64 VA 7.49 75-54 
8Jft - SJ3- 1979. 
.67.5/8 7.39 50.7* 
» '6J4 DM578'. 

*7^3/4 18-85 U4J6 

210 t/A A.l» J4J 
36 Vi 2.2) ' 

48 , . 9.93 UJi 
14 1/3 1DJ6 


108.00 WO IV -7/19*4 

117? KDEflMDTT J PAT 
IN.OO *.75 15/10/1987 

11*9 HD* CAP 

inmo uo v mm s 

i9» nr nrr rh 
inmo a.?} l/12/l** 

1168 JULES ur ’• . ■ 

mmo 4-75 15/ 6/1993 ft 

1971 mum on 
XM.QD 3.00 IV 6/1M7 

mi nesAHTa mr ‘ 
ioo.n *-io U71 a/nu x 


- 93 3.V ***** 

vnnsw i6 -u mo. ■ . . 

32 U jft . 

vmriw' T‘- - 

44 5/4 18J4r 45*58 
V12/19* *J8 ' 

- ' 78 '- 4 ,H 

5/ '6/1993 * : CT197R 

M 10,00 uajft 
V 6/1M7 : ~Z . 


M V*: 


*.30 15/10/1985 *' 72 1/2 3.SZ ID* ' 

PHOfftHT^ ” 64' 12.90 HJ*' 


IMO WRANHHOtur 
loo-oa • smo vu/1915 
MR PCBUP J P 0/6 CAP 
lQ&.OD 4.25 IV 6/1987 
I 960 NffZOMLA XRT 
lOO.n 4-30 i / 7 / 15*3 
,1147 RAHOHAL CAS 0/5 


9.5* l.» 

109 7/8 1-17 - U * 

- St . 1 / 2 - JfcM - ‘ 

172 VB 2-41 ;*« 

.to v * us . 

. W 7/8 6 J 7 -ffjff 


S.3M V 12/1347 ft _17.3S 3. IS. 


19H K BOR O/S l» 
uomo -10.75 V' 5/19)1 
IW bbkbibiwit 
200.00 smo is/ i/uK 


U V2 11.26 26*16 
27-tO XD-H ~ 

9ft 3/8 . 936 'Wt 
14J3 9 J7: ; . •• 


/ 




















B^ancial Tirries Saturday October 23 '1982 

30th SEPTEMBER 1982“: 


Euro-Detxtschma] 


lond Quotations and yields 


^Advertisement 


*■2 J 


MUfaUa 

Curt me 

YJMd W 


•i; 


'Arise 

YWd 

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7*% African Dn. Bank; 79/86 

B% African Dav. Bank 79/67 

8% . Mr Canada 82/92 I-il; 

B*a% Airport Paris 69/84 PP (G) — ; 

7»4% AJCZO 78/83 PP 

0% AKZO 78/84 PP ... ... 

6»*% 'AKZO 79/88 PP 

9% AKZO 80/90 

9*,% AKZO 82/88 _ 

&*% Alueuieae lirfl 76/83 

6*»% American Expr. Int'l 78/87 _ 

«V% AMEX Inti. 77/» PP 

7V.4 ARBED Finance 76/83 F*P 

«,% ARBED Finance 77/87 

7*,% ARBED Finance 79/86 PP _ 

9% ARB 03 Finance 90/87 .PP 

6\% Ardal-Sunndoi 77/S9 PP 

10V % Ardal-Sunndat 81/89 _ 

7*1.; Argentina 77/84 J - 

8VA Argentine 78/8S .. 

6H% Argantine 78/88 ; 

7*1% Argantine 79/89 .'. 

7*4 Asian Dew. Bit 89/84 

7%% Aslan Dot. Bk. 78/83 PP 

7% Asian Dev. Bk. 77/85 ; 

Pi% Asian' Dot. Bk'. 78/88 

7V % Aslan Dav- Bk. 79/99 , . 

8\% Asian Devi* Bk. 80/90 

10% Aslan Dav. Bk. 80/90 

10% Aslan Dav. Bk. 81/91 

1D\% Aslan Dav. Bk. 81/89 

9V% Aslan Dot. Bk. 82/92 

8*.% Allan Dot. Bk. 82/92 

7*i% Aumar 73/8B (GJ ■ 1 

9% Aumar 78/84 (GJ:. - : 

7V% Aumar 77/84 (G) ..... 

S*j% Australia 67/92 

6V% Australia 68/83 

64% Australia 69/84 

7V% Australia 69/84 . ■ 

7% Australia 72/87 

7V% Australis 78/83 _ 

5V% Australia 77/99 ■ . 

8% Australia 78/88 

8% Auotrvffa 80/87 PP ' 

8*i% Australia 80/90 - .. _ 

9H% Australia 82/91 

9V4 Australia 81/91 

8V% Auatr. Ind. Dot. -Corp. 72/87 ... ... 

8*t% Rap. of Austria 69/83 .... ■ 

9% Rep. of Austria 75/83 ...1 

86% Rap. of Austria 75/83 PP — ... - 

8*i% Rep. of Austria 7S/B7 ' 

7V% Rap: of Austria 73/88 " 

6V% Rap. of 'Austria 7/8S ; 

7% Rap. of Austria 77/87 PP 

6V% Rep. of Austria 77/87 PP 

6% Rep. of Austria 77/97 PP 

5V% Rep. of Austria 78/88 PP ... 

Hi% Rep. of Austria 78/90 

BV% Rap. of Austria 79/84 PP ... 

7% Rap. of Austria 79/87 PP 

W«% Rap. of Austria 79/89 PP ... 

IVft Rap. of Austria 79/88 PP 

8V % Rep. of Austria 80/88 PP - . ■ ... 

8V% Rep. of Austria BO/BB PP ..... 

8*4% Rap. of Austria 80/90 PP 

7Y% Rep. of Austria 80/90 PP 

8*4% Rap.. Of Austria 80/92 

8VS Rap. of Austria 82/92 .. _‘ 

7% Autopistas Cotiuna 78/85 PP". 

7V% Autopistas Espanola 69/84 (G) 

8% Autopistas Espanota 71/88 (G) 

B%% Autopistas Espanola 72/H7 (G) 

7V% Autopistas Espanola 79/BS PP (G)'.„ 

7*i% Banco N. DesarroHo 79/86 (G) ' 

8% Banco N. Obras 71/86 (G) 

7% Banco N. Obras 77/84 (G) 

6V% Bk. America Overs. Fin. 76/90 
8% Bank ol Tokyo 79/B6 PP 


8.4ft : 

8.55 

8;57- 

8.42 

8-.S& 

8.57 

7 .6ft . i 

7.S1 

8.38 .v 
7.44 
7.73 
10.21 
9.70 *: 

9.35 
6.80 \ 
6.59 


9.05 
8.04 
8.93- -■ 
9.22 
'8.92- 
8.72 
11 .38. ■■ 
9.68 
iotot 

10.64 

10 as "■ 

19.61 
14 21- f 
24.29 
.8.47 ' 
924 


i. 4.83 .. ■; 
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1.1137. ... . 

19.832. 

• 

15. 5.S6-G0S . 
1. 7.80 

1. 8.81— -B3D 

16. 1TO " 

1. 4.84-.- - • 
1.11 TO 
1. 6.83-r«S • 
1.10TO 
1. BJSf ... • 

1. 7.82—690 
1. 7.89 
1.10.84 
1. 3,95. ' 
1.11^4—88D 
1. E.86— ESS : 
1. 9.75rr04S. 
1. 4l83. 

1. 4.95 . .. . 

' 1. 5TO '• 
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1. 4Jl ' 

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18. 4.92. 

15. 8/92 
1. 2179— 88D 
15. 8.7^-848 
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due 1.11.73^-825 
1. 8.74— 83S 
1. 2.75-84S 
1.11.7ft— 84S‘ 

1. 2.3®— S7S 
1. 3.83 
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1. 3.90 

15. 2.91' ' • ' 
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1. 4.75— 63S ■ 
1. 2.63 

1. 4.78— BSD • 

1. 5.76 — 37S 

2. 5J88^88S 
1. AX3— 85S“ 
1. 1^3-fflD 
1. 283-800' 
1. 0-84-^870 ' 

TB. 7184— BSD 
1.1185^900. 
1. 984 
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1. 284— BJO. 

1. 989 1 
2D. 688 ... 

2D. B8ff 

20.- 680 r-r 

1. VJXF 

1. 1087^920 ■: 
1. B8Z 

18. 185 " i •; 
1. 7 .73-845" 
1^10,77-^B6D 5‘ 
1.10.78— ®70" 

1. 3.8ft T’ " 
1. 386 
■1.11:77^*865 
1.1084 
1.111,90 ’■ 

1. 286 


WestLB SD CertifFcates (Sctiuldschein-Index)' 
5 years maturity: B.65% 


8*»% Bank oi Tokyo 82/B7 PP 

7*x% Banque Ext. Algeria 77/83 

7V% Banque Ext. Algeria 78/85 

7V% Banque Nat Algeria 78/83 

lOMt Ben rural 82/90 

5VV. Barclays Oven. Inv. 79/89 

8*i% Barclays Overs. Inv. 82/94 U- 

7>,% BEC Finance 76/83 PP 

8% Beediam Fin. 76/83 

W«% Belgrriectric Fin. 81/89 

11% Bplgalactric Fin. 81/91 

9*3% Beneficial Overs. 82/89 ........ 

8V% Bergen 75/95 

7V% Bergen 77/89 

8**% BFCE 75 fB3 (6) 

Sf.% BFCE TB/W <G) 

77. BFCE 77,97 (GJ 

SVi BFCE 'TB.'BS (G) 

7*i% BFCE 80/87 (G) - 

8*,% BFCE 80/95 (GJ 

9»*% BFCE 82/89 (GJ 

S*,% Black & Decker 82/89 

8VA BNDE 77/87 

6*«% BNDE TE.-W 

Mi BNDE 80/88 

6H% Bortegaard 77/84 PP 

8*i% Bourater Int Fin. 82/89 

8*7% Bra scan Int'l. 73/88 - 

6V% Brazil 72,' 87 

8V% Brazil 76/86 - 

7>i% Brazil 77/84 

6V % Brazil 7B/B5 

7V% Brazil 78/87 

87. Brazil 79/87 

BV% Brazil 80/38 - 

6V% Brenner 68/83 (G) ............ 

5VA BruxsHas-Lnmben 77/84 PP — ... 

8S% Burmah Oil 70/85 .... - — •— 

4V% Canada 78/83 .............. 

5% Canada 78/84 

B*jV. Canada 82/89 — 

6% Cartibeig.Tuborg 77/87 PP ....... 

8>i% C.C.C.E. 75, *85 (G) 

8*1% C.C.C.E. 78/88 fG) 

7% C.C.C.E. 77/89 (GJ 

SVIi CECA 65/83 

7*i% CECA 71/86 

8*,% CECA 72/87 

7% CECA 72/88 

6*i% CECA 73/88 

7V% CECA 73/88 

8% CECA 75/82 

8»j% CECA 75/85 - 

7V% CECA 78/83 

7*,% CECA 76,86 

6% CECA 78,88 

5V% CECA 78,90 

6% CECA 78/90 PP 

7% CECA 79/91 

9*,% CECA 89/88 

r,% CECA 80; 90 

7»»% CECA 80.92 

10% CECA 81/91 

9V% CECA 82/87 

9V% CECA 82/94 — 

7% CESP 77/87 (GJ 

6% Chase Manhattan Ov. 78/33 

7% Chrysler 88, *4 

6V.« CIBY-GEIGY ax. w. 75/8S PP 

8*r% C.N. Autdtoutbs 89/8* (Gf 

6VV, C.N. EnargiS 69/84 PP (G) 

6*s% C.N. Telecom. 68/83 (G) 

B*i% C.N. Telecom. 70/85 (GJ .. — 

7*4% C.N. Telecom. 78/83 (G) .......... 

6V% C.N. Telecom. 79/87 (GJ 

7V% C.N. Telecom. 79/87 PP (G) 

9*i% C.N. Telecom. 82/32 (GJ ; 

8V% Credit Fonder 82/92 (GJ 

7V% Comolco 71/86 - 

8% Com. Fed. Electr. 77.184 

7V% Com. Fad. Electr. 77/95 

6V% Com. Fed. Electr. 78/88 

11% Com. Fed. Elocw. 82/89 

5% Commerzbank Int’l 79/84 PP 
4V% Comp. F. Deutsche Bk. 78/83 PP ... 
5% Como. F. Deutsche Bk. 78/84 PP ...... 

8';% Comp. Franc. Pew. 75/85 

64% Comp. Franc. Petr. 77/94 

a*.% Consort® 70/91 (GJ .......... 

5V% Copenhagen 64/94 

7®. Copenhagen 68/83 

6V*.'« Copenhagen 89/84 * 

JkV. Copenhagen 71/86 — 

?*»% Copenhagan 76/96 

6% Copenhagan 78/00 

7*i Council Of Europe 73/88 ....... 

8*:*'; Council of Europe 76/83 

"V. Council ol Europe 78,83 — 

T'i Council of Europe 76?K» 

6V% Council of Europe 77, "87 

6V°« Council of Europe 78/86 PP 

6V% Council of Europe 78/88 

CV.. Council of Eurooe 78/88 II - 

£V% Council of Europe 78,88 111 ........... 

TV. Council o* Europe 79/89 .............. 

7*4*1 Council of Europe 79/89 .............. ..m. 

9V„ Council ol Europe 80/90 

in®; Council of Europe 81/BI — — 

10V*; Council of Europe 81/fti ............. 

in% Council of Enroots 82/32 ............... 

SV% Council o! Europe 82/92 ............ — - 

6*j% CourteuTds Int'l 72.187 - 

B*; Credit National 77/87 fG) ......... — 

5V. Credit National 78/83 PP (GJ 

6*a% Credit National 79,' *9 (GJ ............. 

9% CVRD 76/8* 

84% CVRD 76/88 

»% Delmlar-Banz 70/85 

54*4 Dais hows Paper 78/83 PP .............. 

8% Danish Export 77/82 PP ............... , 

5V% Danish Export 78,83 PP ............ 

8*4% Dan Oanalce Bk. 78/86 .................... 

7% Danmark 69/B4 ifMyeimmiiinifviiHH'i* • 
6*4% Danmark 72/97 

9*«% Denmark 7a /89 

6V% Denmark 77/83 

7*i% Denmark 77/87 

5**% Denmark 78/94 ............................ 

6% Denmark 78/8B ..........i................. 

S*i% Denmark 79/85 M .w>— — 

64% Danmark 79/89 

7»«% Denmark 80/96 


92TO 

7TO 8TO 

. 658 

97.75' 

8.67 ^ 8.72 ’ 

l 9.5$ 

98 JM 

7.65 9.50 

1.08 

-■ 99.95 

8X0 - 8, OT -* 

: 1.08 

102TO 

10J24 9TO 

6.67 

104.75 

10TO 10.17 

9.00 

100.00 

8.50 9^48 

6.57 

100.75 

8.68 . 8.16 

156 

94JI5 

7.89 9.41 

3.15 

99.60 

BTO 8X1 

0.75 

99J30 

8.33 8TO 

1.76 

94.00 

7.45 8.70 

453 

88.30 

6.51 8.58 

5TO 

96TO 

. 8.03 8JUL. 

-j*TO 

92.85 

8.77 . 3.43 

.12TO 

-101J!ft ’ 

: 8.14 ■ '• 8TO 

l 6.83 

102.76 : 

8.88 ' 8.58 

*2L92 

: 94.25 

0.02 11.22 

7 £-39 

70 JS 

9.61 10TO 

3.42 

76.50 

'12.09 15.72"' 

5.75 

94.50 

6.68 9.65 

2.00 

96.4ft 

8.84 9.23 . 

6.65 

99.00. 

8-59 8.72 

6.00 

88.30 

7.59 9.66 

5.00 

. 86.50 

10.12 : 13.32 

4.00 

87.ua 

6.91 . 17.75 

1.58 

79.75 

S.46 " 16.07 ■ 

2.33 

E8TO 

10.62 . 18.68 ' 

4.25 

73.00 

10.96 ’ 16.5T ' 

4.83' 

81.90 

TITO • 14.08 ' 

5.67 

98.30 

6.87 9.09 • 

0.83 

92.50 

6-22 9.66 

2JI1 

93.00 

8.59' '* 9JB4 J ' 

2.05 

98.50 

4.82 7.1 B 

0.64 

97JI0 

S.13* ! 6.73 

1.B1 

103.50 

8.21 • 7.T8 

6.58 

86.50 

6.94 ' 9.41 ' 

5.17 

99.00 

8.59 9.19 

1.47 

99.00 

8.59 .8.99 

2TO 

93TO 

7.49 .. 8.32 

6.50, 

98.75 

5.57 8C4 ' 

OTO 

97.80 

7.67 I .8.69 

' 2.03 

95.00 

6.84 8-66 

2 Jo! 

95.80 

7.31 . 8.54 

3-.17 

94TO 

0.S8 •• 8.71 

2.88 

100.50 - 

7.71 7.57 

3.48- 

99.90 

« 01 8.24 ■ 

0.21 

101.50- 

8.37 ■ 7.34 ' 

1.48 

■10Q.2S 

■7.73 7.4B 

1.00 

99TO 

7.81 ' 8.10 

2.45- 

88.70 

6.76 ■ 8.45 

6.08 

B7TO 

6.02 8.32 ' 

5".30 

89.00 

6.74 9.34 

4.10 

92TO 

7.59 ' 8.73 ' 

5.88 

102.50 

9.27 ' 8.80 ' 

4J1 

96.70 

8.14 3.49 

7J5 

95.90 

S 21 ' -8.75 

8.20 

103 50 

9.66 9.22 

6.33 

103.50 

9.42 8.72 

4.30 

103.85 

9.39 9.01 

7.58 

89.75 

7.80 9.64 • 

5.08 

84.25 

7.12 s . 8.24 

10.92 

95.50 

7.33 -i 10.09 - . 

1.75 

98.75 

6.84 •• 7.23 ■ 

3.00 

98.25 

6.62 ■ 8iT 

0.91 

98.00 

8.63 9.05 

0.82 

99.50 

6.53 6.88 

1.08 

101.00 

8.42 8.10 • 

1.97 

99.25 

7TO 8.58 ■ 

0.54 

91.00 

6.67 . -8.78 •> 

4.42 


.T. ft®7 - 

15.18.81— 83D 
;i.11,83^-8BD- 

1. 3^3 

IS. 5.8q ” .. 
1. 5.89 . . 
,T. 6.9ft— 84 • 
1.11J33 
: t. M.83 - 

1. 8.89 
1.1091 

2. 6.89 

1. 5J1— 85D 
1. 2.81— 88D 
1. 7.81— 83S 
1. 7.82— 94S 
1. 2^3—873 

15. 1.88— 68S 

"if? lisL-95s ' 

1. 389 
•,1,'Wa. 

1. 4.83(82-87) 
1. 3.86 
1V7S85 " 

r.’t094 ' 

1. £.89 
1.10.73— 88S- 
1.1D.78— 8ZS .. 
• 1.10.82(8066) 
.1. 5.B4 
1. 2JS 
1-S7 . 

1. BJB7 
1. '6.88 
1. 8.74— 83S‘ 
•15.12.84 -• 

1. 11. 76^-850 "■ 
20. 5.83 ■ ’ 

TO. 5.84 
30. 4iB •• 
1.12.85^-ftTO' 

1. 4.8I—85D. 

1. 7.83— 88D 
T. 4.81— 09D.; 
1. 4.71— 88D 
1. 5.77T-88D.: 

1. 7.78— S7D 

2. 1.78— 88p. ’ 

■1. -4.73— BSD 
1.11.70^-880' 
due J5.42.82 • 

1. 4.78^-850' ' 

1. 10.83 

1. 10.824-3633 ' 

■1 .41 SB • 

1. 4.85— *90D 
T. 8-83— SOD 

15. 4*44-81 D' 
1.12.854—69 .. 

2. 130 

2. 9.S-492D . 

3. 3ifr^-91D 
2D. 1^7 

20. 1.87—94 
1.11 .83fS2-8f7j;" ■ 
■1. 8.34— 635 
1. 7.T6— 84S 
■1.10.85 ■ 

. 1. 

T« 2.75—840 • 
1.11.74—833 : 
1.10.76— 85S 
18. 4.83 

1. 3.87 

18.12.B7 
1. 8.92 ' 

1. 5.92' 

1. 6.774-88S 
1. 6.84' " ' 

1.1T32— 35D .• 
1. 4.844-88D 

16. 8,89 

U 1^4.. . 

1. 5.83 
l. 1.84 

1. 5.80— ®5S - 
1. 7.84 

1. 1.77t-91D-- - 
15J2.70— 840 . 

2. 5.72— S3S" 
•1. 6.7S-rB4S 

1. 4,77— 88S- • 
1.12.81 7—86S . 

1.11.81— ^OS" . 
1. 7.7S— 88D .• 
1. 2.79— 330 ' ' 
1. 5.90— 83D 
1.12Jt3’ 

1.T1^3— 87D. " 
1. 7.86 

16. 5^4—880 ' 
1.11^4—880 
1.11^4-880. 

1. fi.93— 89D . 

1.10J&«-89O ■ 

1,12.86—80 
16. 4jS 7— 910-- • 
16.ia87-91 
16. 2.88— 92 D 

16. 6.88-02D . 
1. 7.80-87S - 
1.10.83— STS . 
1. 9.83- 

16, 4.8S-r890 ,• 
1. 2*81 (82-84) • 
1.12.82(83*36) 
1.11.78— 85D 

1.-S*. ■ .. 

due 1.11.78— 82D 
T. B.79— 83D. 
1.11.8B— 36S 
1. 8J5-B4S 
1.12.7B-G7S 
I'. 3^-883 
16. 5.83 
16. 5^7' 

1.L». 

1. 2.68 
1..2JS 

1. 2.83-' ;■ ■; 

1. 2.86 


8V% Danmark 80/82 

9*a% Denmark 80/90 PP 

10% Dan mark 32/88 

10**% Denmark 82/82 


.. 6V% Dsn N Drake Ind. .77/89. iG) 

■ 6% Dan Noraka. Ind.. 78/90 <G) 

. 6*2% District Paris 69/84 (GJ 

K>V% EEC 81/33 — i 

7*b% .EEC 79/84 

7V% EEC 76/83 

9V% SC 82/94 ■ 

8V% Electr. da Frahce 80/88 PP (GJ 

• 8V% Electr. da Franca 32/92 (G) 1 

7% Betrobraa 77/67 (G) 

- 6V% Eletrobras 78/86 (G) 

7% Eletrobras 79/87 (G) 

SV% Elf Aquitaine 78/88 

5V54 Elkem 7B/88 PP 

9**% Emhart" 82/89 ; 

6V% Ericsson 72/87 


By*, .ESCOM 68/83 (G) 

B**% 'ESCOM 70/85 (G) i. 

8% ESCOM 71/88 fG) — «...^. 

BV% ESCOM 72/87 (GJ ." 

' 7% ESCOM 73/88 ^GJ 

- • 8% ESCOM 78/94 PP (G) ; 

8*4% ESCOM 73/84 1 PP (GJ 

6k% ESCOM 79/84 II PP (GJ 

9% ESCOM 80/87 PP (GJ-.;...; 

, -SVSt ESCOM 80/37 

9*.% ESCOM 82/30 (G) 

7V% ESTEL 73/68 — 

84% ESTEL 75/85- 

'«*»%■ ESTEL 78/83 PP 

64% ESTEL 77/84 PP ; 

«V%- ESTEL 77/84 PP 

6V% ESTEL 78/85 PP 

■ -7V% ESTEL 79/88 PP 

84% ESTEL 79/86 PP 

34% ESTEL 80/87 PP 

5V% Euratom 77/87 ..... 

' 6V% Euratom 79/83 PP ! 

34% Eurofipje 67/83 

64% Eurofims 72/87 

^64% Eurafiofa 73/88 i 

8% Eurofima 73/88 — - 

. . 8% Eurofima .78/83 — — 

6*4% Eurofima 77/87 PP 

54% Eurofima .78/88 

64% Eurofima 78/88 PP - ; 

34% Eurofima 78/88 ... 

7% Eurofima 79/84 PP — 

;74% Eurofima 79/97 PP 

84% Eurofima 80/87 PP ... — 

’74% • Eurofima 80/88 PP 

104% Eurofima 81/91 — j. 

• 8%. Eurofima 82/92 J - 

. 6% , Europ, . Inv. Bank 89/84 ..... 

' 7% Europ. Inv. Bank 69/84 

74% Europ.. Inv. Bank 71/86 ... J— 

'7*4% Europ. Inv. Bank 71/86 ... Z 

64%. Europ. Inv. Bank 72/87 

6% Europ. 1 Inv. .Bank 72/87 

.6\% Europ.. Inv. Bank 73/88 J— 

* 7% Europ. Inv. Bank 73/86 

94% Europ. Inv. Bank 75/83 — ... 

8% Europ. Inv. Bank 78/83 

74% -Europ. Inv. Bank 76/83 ?PZ ~ — 

64% Europ. Inv. Bank 76/84 — 

6% Europ. Inv. Bank 77/89 ~ — — 

6% Europ. inv. Bank. 78/88 liPB 

6% Europ.. Inv. Bnnk 78/88/U PP ......... 

~54% Europe inv. Bank 78/90;^. 

- 6%' Europ. 'Inv. Bank 78/flD 

74% Europ. Inv. Bank 79/88. ■ 

7W Europ/ Inv.- Bank 79/89 PP 

64% Europ. Inv. Bank 79/91 

94% Europ!' Inv. Bank 80/86 .................. 

7**% Europ. Inv. Bank 80/90 .................. 

84% Edrop. Inv. Bank 8QjftO 

. 9%. Europ. Inv. Bank. 80/57 PP , — . 

84%. Europ. Inv. Bank BfftSO 

94% Europ^ Iny. . Bank 99/90 

104% Europ. Irrv. Bank 81/91 ..... 

l(Pa% Europ. Inv." "Bank *1/81 

104% Europ. I nv_ Bank 81/31 II 

.104% Europ. Inv. Bank BI/91 

10% Europ. inv. B«nte82/89 

10% .Europ. Inv. Bank 82/92 

8*,% Europ. Inv., Bank 82/92 


88.00 ft38 

10.30 ' 9.33 1. 2TOP. 

WTO 7-58"" l.'STO . 

10.13 542 . T. 3.88 


!V5» Kansai Electric 71/86 : .'J; ' ' 

►*4% KELAG 73/88 

KHD Finance 72/87 

Middle 

99.00 

(mat 

. YMhf 

7.83 

YfUdM. 

HllliHli* 

8.06 

Uls* 

3.58 

-WMMW 

1. 5.77— 88S 

9999 10.07 



7.20 

8.17 


1. 5.7ft — 83S . 

38.75 1025 

1DJ52 9^2 1.3.9C 


\% Kiobanhavns H. Bank 78/83 PP 






S8TO . 7JZ4 

9 ,08 3.48 1. 6.80-TOD 


*x% Kiobenhavna Tel. 72/87 






9025 6JS5 

8.09 .3.88 1. 5O3—SQ0 


7% K jo ben harms Tel. 72/87 






97.50 8J5J 
104.00 9.74 

8TO 1-50 1. 4.75 — S4D 

9TO 8-16 18.10.93 


*2% Kiobenhavna Tel. 73/88 

6% KLM Royal Dutch Alri.' 78/86 RP ' 

7% Kobe 88/83 (GJ 1 

85.75 

93.25 


9TO 

9.86 

5 50 
1J5 

' ll 4^79 — 8SS 

1.' 5.79-TOD 



' I 

iV% Kobe 69/84 (G) 








7 

^% Kobe 71/86 (GJ - 

















7*i% Kabo 76/83 ?GI 






92-00 7.61 

S.08 492 1. 983(83-871 


Kobe 77/87 (GJ 

95.00 

6.84 

7 TO 

4;B7 

. ll G.B7 

B3.QD. .8.71 

19^1 .280 1. 4.88 


93TO 

. P-15 

. 7.00 

3.75 

1. 7.88 

85 TO 6-16 

9-33 4-59 IS. 5.86-360 


8% Kobe 80/80 (G) 

101.50 

99.00 

98-00 

91.90 

. 7. 88 

. 7.73 

7.75 

. 1. 7TO 

88TO 6.65 
103TO 9.47 

97-00 6.96 

1045 ' 3-57 1. 684—880 

'3:12 8-75 1. 7J0 

7TO ' 4-42 1. 3.78— B7S 

7V.w Kommunt. Inst. 70/83 

8% KommunL Inst 75/84 

S*«% Kopenhagen 82/92 1 1 - 

7.83 

8.16 

10.07 

9.70 

9.13 

10.61 

0.50 

2.04 

9.71 

1. 4.SJ— S3D 
15.10.77— «4D .. 
15. BISS— 92S 


1. 4.78— 8SD 
1. 3.77—880 
1. 9.78— 87D 
1. 5.79—880 
1.11.84 
1. 8.84 
1. 8B4 .. 

1. 8.84—870 
1.11.87 
1. 6.90 
1. 8.79— 89S 
1. 6B1 — 85S 
1. 3.83 

1.11.84 
1.12J82— 4MD 

1.10.85 
1. 8.86 
15.12B6 
15. 6.S7 

1.11.87 

8. 2.84 — 91D 
1. 9.71— BSD 
1. 9.78— 87D 

1. 3.77 88D 

1.10.7F-88D 
1. 2.83 
1. 2JS & — 870 
15. ZM— 880 
1.11BS— 880 
1. 2.85—890 
1.10.84 
1.10B7 
1.11B7 

15. 1.88 

1.11.91 

16. 4.92 

1. 3.78— 840 
1.11.75-840 
1. 3.77— 060 


95.00 6 M 

8.94 

' 233 

1. 3.70-TOD 

94.00 828 

8.46 

2 * 4 

1. 9. BO— TOD 

94.26 7.1S 

8-11 

533 

1. 2.78— B8S 

96TO 7.23 

7.69 

.5.75 

.1. 7.79— 88S 

100.00 . 9TO 

9-17 

OTO 

. 1. 1.81 — 830 

100-50’ 7 TO 

7-22 

0.75 

1. 7.80— TOD 

88-75 7-85 

9.11 

1.00 

1.10.83 

90.50 BTO 

7.73 

.1TO 

1 .12JJ1 — 84D 

91.00 . 6.59 

848 

3 68 

1. 8.82— TOD 

B8TO 6-38 

8TO 

5 £3 

4.8.86- 

85TO 7-02 

9-20 

5.12 

15.11.88 . 

87.00 6.03 

842 

-S21 

1. 3.85— GOD 

86.750 6.92 

8:34 

8.00 

1.1O.90P, 

94-85 7&\ 

8.53 

6-67 

1. 6.89 

94.00- - 8-11 

842 

842 

1. BTO 

88.80 7.34 

8.47 

'8.25 

1. 1£1R 

102.25 9.06 

847 

3.68 

1. 6.88 

96-10 8.19 

8-57 

7-83 

1. 8.90' 

99TO 854 

8.59 

8.04 ' 

16.10.90 

100.00 9.00 

8.99 

5-12 

16.11.TO ' 

102.75' &TO 

8-97 ' 

7£8 

• 1. 5TO 

102.80 3JJ4 

8TO 

8.17 

1.12L90 

.10525 9-62 

324 

.9.08 

1.11.91 

106.75 9^4 

9-30 

8-50 

1. 4.91 

106.75 ' 9.84 

9.34 

8.87 

15. 8.91 . 

106-00 9 TO 

9TO 

8-71 

15.6 91 

104-75 9-55 

8-96 

633 

'1..2J39 . 

105.10 9^1 

9.15 

8:33 

1. 2J92 

98.15 : 853 

&TO 

9.62 

1ft. 5J2 . 


For current prices and further information call 

Dussekiorf . . . ' Telephone '8263122 V International Bond ' 

Westdeutsche Landesfaank. Telex 8581882 ) - Trading Dept 


Dusstddorf . . ' Telephone ! 

Westdeutsche Landeshank. Telex 8581882 

Girozentrale 

•P.O.Box 1128 ’ Telephone 8263741 

4000 Dusseldorf 1/ERG Telex 1 

London _ 

Westdeutsche Landeshank Telephone I 

Girozentrale Telex 1 

London Branch 
41 Moorgate 
London EC2H 6AE/UK 

"LlrtTOubOmy ~ ~ 

■ WeslLB WKunational S^. 

32-34. bd Grande-Ducheasa 'Wophona 4 47 41 43 
< ChatlotleiLuxembourg ■ • Telex 2831. 


8581882 J fostfarttonai Investors Dept 


Telephone 6386141 
Telex 887984 


■ HorgJCang • • — 
VtotLfi-Aaia Limited 
7301 HutchiaoirHou» 
Hong Kong * ' 


Toiophona 25B20B " 
Telex 75142 ■ . 


Westdeutsche LandesbanlcGirozentrale 
Leading Marketrriakers in Eurobonds "■ 


94% Europ. Inv. Bank 32/92 

84% Europ istao 71/86 (GJ 

8% Europistas 72/87 (GJ ...... 

104% Ferrovie 82/87 

7% Finland 68/83 

64% Finland 68/83 

7% Finland 69/84 

74% Finland 68/84'—^.....— — 

••7% Finland: 72/B7 

8% Finland 78/84' : : 

54% Finland 78/83 PP * 

6% Finland 78/83 - 

54% Finland 78/88 

8% Finland 79/88 ' 

10% Finland SI /89 

104% Finland 81/88' ! 

- 94% Finland 82/89 

84% Finn. Induatriabank 80/90 (GJ 

" 8% Fin. Kommunal 71/83 (G) 

10% Finn. Kommunal 82/92 (GJ N 

84% Fora marks 75/83 (G) — 

54% Foramarks 78/90 (G) 

8*1% Foramarks 80/37 (G) — 

74% Fran carol 78/83 (G) 

. 04% Franca tel 77/84 PP (GJ 

94% Gaz da France 82/92 (G) 

84% Gan. Zbk. Vienna 76/83 PP 

„ 6% Gen. Zbk. Vienna 77/87 

74% Ginn. Vienna 78/63 - 

54% Giroz. Vienna 78/88 PP — - 

64% Giroz. Vienna -79/34 PP 

84% Giroz. Vienna EG/K7 PP .... ... 

104% Giroz! Vienna 81/91 ..................... 

8% G.I.S. 78/83 PP — 

7% Grand Metrop. Fin. 77/B4 - 

8% Guest-Keen-Henl. 58/83 

64% Hameraley iron 72/87 — .. 

84% Haxama^Gurai SO/85 PP 

7% Helsinki £8/83 

84% Helsinki 82/82 

. 9% HidreeJectr. Ibtcio 80/30. ............... 

54% Hitachi ShipMdg. 78/83 

84% Honeywell BuH 80/90 .. — 

84% IAKW, Vienna 76/85 (G) ! 

10% IBM SO/86 PP ..... 

74% Iceland B9/84 

74% Iceland 77/87 

84% Iceland 82/82 

64% ICI Int’l. 72/9 2 

74% ICI Int'l. 78/66 

64% ICI Infl. 77/B7 

8% ICIPU 71/91 (G) - : 

8% Imatran Voima 72/87 (GJ 

7% Indonesia 78/84 - 

8% Ind. Dev. C. South-Afr. 78/83 PP (G) 

5% Industr. Bk. Japan 78/84 ~ — „. 

7*i% Ind. Fund of Finn land 79/87 PP 

74% ind; Mm. Dev. Iran 73/85 

74% Ind. Mm. Dev. Iran 77/87 

74% Ind. Min. Dev. Iran 76/B4 
81i Ind. Mtgebk. Finl. 71/88 (G) 

■■ 7% Ind. Mtgebk. Finl. 72/87 (G) 

64% Int. Am. Dev. Bank 66/83 

7% Int. Am. Dot. Bank 69/84 

84% Int. Am. Dev. Bank 70/85 

64% int. Am. Dev. Bank 72/87 I 

64% Int. Am. Dev. Sank 72/87 II 

8% Int Am. Dev. Bank 76/83 PP 

84% Int Am. Dev. Bank 78/83 PP 

7% Int Am. Dot. Bank 77/87 

54% Int Am. Dev. Beak 78/88 

74% Int Am. Dev. Bank 79/85 

8% Int Am. Dev. Bank 73/89 PP 

8% Int Am. Dev. Bank 80/88 ...... 

10% Int Am. Dev. Bank 81/91 

104% Int Am. Dev. Bank 31/91 

9% lot An. Dev. Bank 82/92 

94% Int Am. Dev. Bank 82/89 

64% Int'l. Cbm'l. Bank 73/83 

74% Ireland 73/37 PP 

84% Inland 80/88 

104% I ra land 81/86 

94% Ireland 82/87 — — 

74% ISCOR 7t/B6 (GJ 

7°.', ISCOR 72/87 (G) 

7% ISCOR .73/88 (GJ — 

84% ISCOR 73/88 (GJ 

84% ISCOR 78/84 PP (GJ 

54% ITT Amities 82/32 

7 r 4 Japan . 88/83 — .... 

84% Japan Air Lines 80/87 fG) 

74% Japan Dev. Bonk 76/33 (GJ ............ 

74% Japan Dev. Bank 80/87 (G) — ... — _ 

104% Japan Sy ntfuti c 80/83 PP 

8% Johannes bom 7%86 (G) — 

• 64% Johannesburg 72/S7 (G) 

10*.» Johannesburg 82/86 (GJ - ' 

74% Jydek Ttflefon 69/84 

64% Jydsk Telrion 72/87 — 

74% Jydsk Telefon 73/88 

34*4 Jydsk Telafon 80/90 — 

84% Kansai Electric 68/34 — 


,9-17 

. 9 -02 

9-83 

655 

10.73 

• 1.77 

840 

10.79 

215 

10.32 

8-96 

4-50 

7.14- 

1040 

0.67 

6-94 

940 

1.17 

* 722 

10TO 

1-07 

7.58 

8.77 

0:97 

-7.00 

747 

4.50 

8.02 

8.12 

: 1:67 

5.66 

14J26 

OTO 

6.18 

8.69 

■ 1.17 

6TO 

9 TO 

3.33 

8.44 

9.55 

421 

9.73' 

940 

6.58 

1021 

9.61 

4'.08 

9.85 

9.51 

8.50 

.8 TO 

9.91 ' 

4.34 

8JJ8 

10X51 

OTO 

9.88 

9.73 

7.16 

8J31 

333 

0.76 

£.53 

9J1 

3TO 

9.01 

9.33 

4.05 

757 

8.48 

1.04 

7.0Br 

9.68 

1.50 

944 

:9TO 

8.47 

8TO 

9.03 

0.33 

. 6.50 

8.98 

3.08 

7J7 ! 

8.89 

1.06 

8.55 

.9.58 

4.00 

7.1B 

943 

1-27 

bto: 

9.12 

4.67 

9TO 

931 

8.75 

6.14' 

11TO 

0.42 

7.14 

8_20 

1.83 

8.05 

9.13 

OTO 

.7.09 

7 TO 

4.75 

■8.85 

9J2B 

2.71 

7.15 

1DTO 

0.75. 

9.36 

9.71 

9.67 

9.52. 

10.54 

4.63 

5.93 

8.43 

1J21 

9.08 

9.83 

7.83 

8.75 

BTO 

1TO 

9.62 

BTO 

3-50 

733 

844 

1.58 

.8. IB 

9.20 

4.50 

9.B4 

BTO 

9.67 

6.97 

7J52 

942 

7.87 

8.33 

3.14 

7.14 

-8.87 

3.03 

8.B7 

10.73 

3X11 

8.10 

8.81 

435 

7.76 

13TO 

2.00 

6J1 

11TO 

0.7ft 

5.22 

8.61 

1-25 

8.02 

10J28 

3.40 

8.82 

14.85 

2TO 

9.95 

1447 

4.75 

8M 

20TO 

1TO 

83$ 

10.00 

2.61 

747 

9.95 

2.66 

8.79' 

7.71 

0.75 

.7.00 

7.11 

1.83 

■ 842 

8X17 

1TO 

.6.94- 

746 

4.67 

8.92 

7TO 

ft.08 

8.04 

9.18 

OTO 

821 

9-23 

0.75 

743 

8.66 

425 

7.04 

9.02 

53B 

7-93 

846 

3.75 

8 .03 

948 

6.79 

8.25 

8.71 

5.33 

9TO 

9.76 

842 

9.88 

9.61 

9.12 

9.07 

9.11 

9-54 

9.61 

9.43 

K7B 

6.91 

■1029 

0.87 

8.15 

'9.72 

4.58 

8.72 

9.84 

S.25 

10.00 

9.73 

421 

9.36 

9.11 

4TO 

8.24 

9TO 

3.67 

7.63 

IT 3H 

£39 

7.73 

11.14 

2.76 

9.07 

10.76 

343 

8.64 

10.81 

2M 

832 

8 TO 

9.90 

7.0S 

9.04 

042 

8.03 

:7 TO 

5.12 

7.30 

BTO 

0.50 

7.68 

7.7S 

4.92 

10-07 

9JJ9 

2-52 

JL27 

9-59 

2.36 

6TO- . 

9.66 

2 TO 

9.73 

9.1ft 

4.00 

755 

3.76 

1 TO 

7.42 

921 

”4.42 

7.88 

9.13 

BTO 

9.62 

1027 

7TO 

6 SI 

8-24 

1.42 


1. 8.92 ■ 

1. 2.77—360 
1- 1.78— 87 D 
1. 4.87 
1. 0.7a-e3D 

1.12.72— -83 D 
2L 5.73-840 

1.10.73— 84D 
% 4.W-87S' 
l.'BM— MB' 

■1.283- 
1.1283 
1. 288 
18.1288 
1- 589 
1.11.86 

1. 489 
1.1183— TOD 

2. 5.76— 83D 
2. 188-92 
1. 780—830 

18. 1.83-900 
1 .11 .85— 87D • 
16.10.83 
. 1. 484 
1- 4.90— 82D 
1. 2.82— 83D 
1.12.83— 87D 
1.1183 
1.108B 
16. 8.94 " 

1. £87 .. ., 

7. 7.91 

' T. 382—830 
. 1. 881— 84S 

2. 583 

1. 7.78— B7S 
16, 685 
1. 7.72— 83S 
1. 887 — 92S ■ 

■ 3.' 8.64— BD D 
18.1283 
.1. 9 TOP 
. 1. 580—8® 

. 1. 4.86 
1. 5.73— 84S 
1. 4.80— 87S 
1.882 
1. 3.78— S2S 
1.1284— 86D 
1. 584—870 
1. 1.77— 91D ' 
1. 1.78— 87S 
1.10.84 
1. 783 
1. 184 
16. 9.84— 87D 
1. 5.77— 85S 
1. 783J-87S 
16. 984 
1.12J7— S6D 
1. 7.78— 67D 
1. 7.72— 83S 
1. 8.75— 84S 

1. S.76-6SS 
1. 6.78— 87S 
1.11.78 — 87S 
16. 283 
1. 783 
1. 183— STS 
1. 188 
1. 7.88 
IS. 7.89 
1. 288 
1. 3.91 
16.1181- 
15. 4.02 
15. 789 
1. 6.79— 83D ' 
1. 587 

1. 188. 
15.1288 • 

IS. 987 
i.-6.77-eao 
1. 4.7ft— 87D 
1. 3.7S-B8D 
1.H.79— BSD 
16.10.84 
2fi. 882 
1. 3.7B-83S 
16.1187 
1. 483 
1. 987 
15. 485 
1. 9.7*-8BD 
1. 9.70-670 
1.1088 
IS. 9.75— 34S 
' 1. 3.7BJ587D . 

. 1. 2.79— BSD 
1- 280 . . 
1. 3.76-8 4 S 


74% Korea Dev. Bank 77/84 (GJ 31 .S 

54% Kubota Int'l. 77/82 PP ." 99.00 

54% Kvaemer Ind. 78/88 PP : 87.50 

64% Light- Services 73/88 (G) 69.70 

84% Light- Services 80/90 (G) ..... 1 70.50 

94% Lonrho Intern. 80/87 99.35 

64% Lufthansa Int’l- 79/88 PP 92.00 

7% Malaya ia 72/84 99.00 

6*2% Malaysia . 77/85 - 90.60 

94% Ktetance 75/84 — 9980 

84% Melmoe 76/83 J 99.20 

04% Manitoba 77/94 - 99.00 

64% Manit Hydro El. 72/87 98.10 

84% McDonald's 82/82 100.25 

84% Megal Fin. Comp. 78/90 — .... 82.50 

7% Megai Fin. Comp. 79/89 '.... 86.75 

7% MEPC 73/88 : 92.25 

74% Mexico 73/88 : 68.00 

8% Mexico 73/83 91.60 

74% Mexico 77/84 j 82.75 

6% Mexico 78/85 — 69TO 

T1% Mexico 81/88 — * 88.00 

84% Michalrn Finance 80/07 PP 95.75 

84% Midland Int. Fin. 80/90 100.00 

64% Mitsubishi Chemical 7 9/84 98.00 

54% Mitsubishi Patro 79/83 — :. — 38 .SO ■ 

9% MODO 75/83 99.65 

7% Montreal 69/89 ; 93.50 

6% Montreal 72/92 86.65 

64% Montreal 73/93 90.75 

84% Montreal 75/S6 100.75 

7% Montreal 77/87 ...’. 93.50 ‘ 

74% Mortg. Denmark B9/84 .(G) * 97.60 

7% Mortg. Denmark 73/88 (G) 89.50 

84% Mortg. Danmark 80/90 (G) 93.25 

104% Mortg. Denmark 81/91 j... 100.00 

64% Mortg. Bk. Finl. 89/84 -{GJ 97.25 

84% Nail. Mexico 76/83 PP (G) 88.00 

84% Kafr. Mexico 77/84 (G) 83.25 

84% Nafi. Mexico 77/84 PP (G) 82.25 

11% Nafi, Mexico 02/90 (G> 84.00 

84% Nat Bk. Hungary 77/85 81.50 

7% Nat Nederi. Fin. Mast 79/86 PP 94J2S ■ 

8% Nat 1 !- Westm. Bk. 73/88 98TO 

11% Nat’l. Westm. Bk. 81/91 106.90 

94% Na VI.' Westm. Bk. 82/82 L. 105.2S 

8% NedBri.. Gssunia 79/83 101^5 f 

84% NBdarl. Gaaunla 80/87 Z. 102-00 . 

64% New Brunswick 72/87 98.30 

74% Newfoundland 60/84 101.75 

8% Newfoundland 71/88 101.50 

64% Newfoundland 72/87 94.00 

64% Newfoundland 73/88 :...- 98.50 

64% New Zealand 69/84 100.00 

74% New Zealand 71/86 98.50 

7% New Zealand 72/87 gs.00 

74% New Zeeland 78/83 99.75 

74% New Zealand 76/86 -. 99.75 < 

64% New Zealand 77/84 .-. 97.75 

54% New Zealand 78/56 92.15 : 

6% New Zeeland 79/86 PP : 92J»5 

6*4% New Zealand 79/87 . — : 33.50 

74% Now Zealand 79/87 ^ ;... 9a 50 

84% New Zealand 79/84. PP'./.l 99.76 ' 

74% Naw Zealand. 00/88 99.50 . 

94% Now Zealand 81/89 105.50 

94% Naw Zealand 82/87 ..... 108.50 

84% New Zealand 82/89 — 100.25 

64% Nippon Housing .Loan 79/84 PP ...... 96.00 . . 

64% Nippon -Kokan 79/84 96.50 ; 

54% Nippon Stael 78/85 — - 93-15 . 

74% Nippon T + T 76/83: (G) ...-.i....— 100.00 

54% Nippon T +.T 79/87- (GJ 01.25 

54% Norcem : -78/85 - - 91.50 

74% Morcam 79/88 PP 82.00 

5% Norddt LB Int'l. 78/84 PP 86.50 : 

6*4% Nordic Inv. Bank 78/88 - 94.15 

8*1% Norgaa'Xomm; Banks70/85 (G) 103^0 

7% Noigaa Komm. Bank 77/tB (G) 96.00 

8% Norgas Komm; Bank 77/89 t (G) 91.10 •, 


1.12.84 

due 1.12,81— TOD 

1. 3.84— BSD 
T. 5.86 

T6. 1 .85—600 

2. SB7 
1. 3.86 

1. 6.15— 84D 
1. 9.85 
1. 2.61— 840 
1. 3.80— 83D 

1. 7.84 

•1. fi.TB— 87S 
1.10.92 

2. 1.85^-SOS ' 

1. 4B7— 89P 
1. 5.79— 8SD 
1. 1.79 — ass . 
1. 6.83 
1. 6.84 
1. 4.85 
16.12.88 
16.11:87 
15.10.90 
■ 30. 4.S4 
1. 9.S3 
1. 6.80— 83D 
1. 4.70— B9D 
1. 9.73 — 920 
1. G.7A— 935 • 
1. 7.77— 86S 
16. 7.78— S7S ' 
16. 7.;s-ars 
1.11.75— 84S 
1. 7.79— 83S 
1. 3.90 

1.11.91 

1. 4.73—845 

1.12.83 
1. 3.84 

. 1. 3.S4 
- 1. 3.90 

1.11.85 

1.10.86 • 

1.10.79— S8S 

1.10.91 
• ,1. 1.92 

1.12.83—86 
•1. 3B4— 87S ■ 

1.11.78- 875 
1. 8.75— 84S' 
1. 8.77— 86S 

1.11.78- 87S 
1. 4.81— 88S 

' 1. 2.73 — 84D ! 

1. 5.77—860 
1. 2.78 — SID 
1. 3.83 

1.11 .82—860' ‘ 

. 1. 5.84 
1.3.86 
. 1 . 2.86 
1..1.87 

• IS. 9B7 

1.12.84 
15. 7.88 

1.12.89 • 

15. 737 
- -1.10.89 
<16. 5.84 
’ 1. 4.84 
1. 9.8S 
1.10.83 
1. 2.87 
1. 3.85 
1. 946 
' 1. 2.84 

5 1. 1.85 
' "1.10.76— 85S 
' 1. 4.80— 89S- 


8% Norplpe 76/88 


90.75 

6.61 

7.72 

7.17 

.16.10.30— 89S 


6.69 

7.79 

7TO 

1.12-80— B9S" 


6.89 

8.19 

6.B7 

1. S.S1— 90S 

94.25 

7.82 

8.51 

6.87 

1. 1.84— 89S 


8.09 

8.45 

6.75 

18. 8.64— 89S • 


8.42 

8.51 

12.21 

1. 7.84— SIS 


8.52 

8.64 

1TO 

16.12.85— 94S 

98.25 

8.14 

8.38 

6.67 

1.2 .90 — 84 S 

.... 87.00 

6.90 

8-52 

7.06 

1. 6.83— 865 

.... 84.10 

7.70 

6.51 

6.17 

1.11.84— 89S 

.... 93.25 

7.51 

8.34 

6.75 

1.12.83— BBS 

101 JS 

8:85 •• 

8.11 

2.34 - 

-1. 7.34—895 

“100.50 

7 TO 

7.77 

2.89 

1. 3.80— B7D - 

.... ? B5.25 

7.09 : 

7-68 

687 

. 1. 4.83— B8S 1 


84% : -Nor& r Hydro 82/32 i-.„. -102.00 

9% ?Nor* Hydro 82/82 II 

44% -Norway 78/88- — 99 00 

44% Norway 78/83 ’ 

74% Norway 80/85 — . 

7M7. Norw. Mortgage 77/87 .SS- 50 . 

0% Norw. Mortgage 77/80 - 8930 

74% Nova Scotia 71/86 .100.00. 

7% Nova Scot . Power 72/07 .'96.65 

84% Nuclebras 80/88 (G) — ~ — .. — ... . 81-00 

64% Ocldant Int Fin. 78/00 80-® 

6*2% Occident. Overs. 68/93 98.25 

6% Oester. Oonaukr. 5fi/84 (G) 97B5 

64% Oeater. Donaukr. 73/88 (G) 1.... S7.0Q. 

B4Y» Oestar. ■ Draukr. 73/85 (G) — — — 100-30 

7% Oast El. Wiriach. 87/87 (G) 95 TO 

7% Oeat EL WlrtsCh. 76/83 .PP (6) ■ 97.00 

5*i% Oeat Ind. Verwaltung 78/ft5 PP (G) 90.00. 

64% Oast Inv-Kredit. 79/B4.PP M.Q0 

7% Oast Kantrollbank 78/83. RP (G) 97.00 

84% Oeat. KbntroHbank 77/84 PP (GJ ' -97.00 
B*x% Oast. KpnttoltbBnk 77/84 PP (GJ — '95-00 

84% Oest. Kontrollbank 77/84 PP (G) -04TO 

fi% Oest. Kontrollbank 77/^ PP .(G) .... ..jjl-??' 
84% Oest Kontrollbank 78/84 PP (G) ... 85.50 

64% Dost, Kontrtllbank 78/88 (G)., ;89^6 
6%.0agt Kontrollbank 78/87 PP (G) 88TO. 

74% Oeat Kontrollbank 79/89- 92 JS 

8% Oest. KontroJlbenk 77/84 PP (G) 98.00 

74% Oest Kontrollbank 79/88, PP (G)' - '.95-25' 

8% Cfast Kontrollbank BO/87 (p) M.80 

84% Oaat^ Kontrollbank 80/85 PP -(G). ... .. 99.50 

84% -Oeat. Kontrollbank 80/K (G) ..99.25 

9% Oust Kontrollbank 80/87 PP - . 00.50 

84% Oest Kontrollbank 80/92 35.75 

74% Oest. Kontrollbank 90/88 PP (-GJ .... 95.00 

104% Oest. Kontrollbank .81/91 1Q3.B0 

84% Oeat. Kontrollbank 82/89 (GJ — .100.25 

9% Oest Kontrollbank 82/99 PP : 99.50 

94% Oest Kontrollbank 82/92 (G) — • -101 TO 

54%. Oeat. Underbank 77/82 99.50 

64% Ontario <88/8* <99.50 

S% Ontario 72/87 — 95.50 


• 1. 6.82— B9S 
1. 6.B8— 82S 
1. 9.88-82D 

1*. 1.83 
1. 4.83 
1. 4.84 • 

15. 1.85 

15. 5.83— TOD 
16.11.83-890 

1.12.77— 860 

1.12.78— 57S 

16. 9.88 ' 
1.12J&— 90S 
1.10.72— S3S 


37 .00 

6.96 

7.43 

5.42 

1. 2.65— 84 D 

100.30 

8.72 

8.44 

1.38 

1. 3.79— 88S 

95TO 

7.33 

9.47 

2.24 

1. 3.81— 8SD 

. 97.00 

732 

9.73 

.1.19 

1. 2.73— 87 D 

90.00 

6.11 

9.80 

2.75 

16.12.83 . 

99.00' 

6.94 

7.40 

2.08 

.1. 7 TO. .. 

.97.00 

732 

9.80 

1.17 

. 1.11.84 

•■97.00 

6.96 

9.19 

1.33 

1.12.B3 

-96.00 

6.84 

9.71 

1.75 

1. 2.84 

B4TO 

6.61 

9.64 

1.83 

1. 7.84' ' 

•91.00' 

6.59 

9.49 

3.08 

1. 8.84 

"95.50 

6.02 

8.48 

1.B3 

' 1.11. BST' 

:69TO 

7-2S 

s;si 

6.21 

1. 8.84 " 

83.00 

6.82 

9.49 

4.33 

'18. 12.38' 

92TO' 

7TO 

8!91 

7.00 

1. 2.87 

98 XM 

8.16 

9.03 

2.17 

1.10.89 

'9525' 

er.27 

9.27 

4.21 

1.12.84 . 

98.80 

8.11 

8.38 

4.33 

16.12.66 

. 90.50 

B.79 

8194 

2.45 

1. 2.87. .. 

..99.25 

8.56 

8.66 

6.08 

15. 3.85 

. 99.50 

9.05 

9.11 

4.62 

■ i;n.83.. . 

K.75 

8.62 

S.91 

9.75 

, 15. 5.87 

. 95.00 

8.16 

8.87 

5.92 

. . 1,7,92 

103.80 

9.75. 

9.48 

9.08 

1. 9.88 , 

.100.25' 

8.85 

6.82 

6-32 

. 1.11.9V.. . 

; 99.50 

9.05 

9.09 

5.79 

1. 9.89 . 

-Ml TO 

9.14 

904 

9.54 

' IS 7.83 .. 

99.50 

5.53 

8.45 

0.17 

16. 4.92 

>99.50 

6.53 

7.25 

0.82 

due. 1/12,82 

.95.50 

6TO 

7.82 

2.84 

1. 2.75—840 


WestLB Euro-Deutschmarkbond Yield Index 
September 30, 1 982: 9.(69% (August 31 f 1 982: 9.59%) 


74% Ontario Hydro 71/86 

64% Ontario Hydro 72/87 

64% Ontario Hydro 73/88 ............. 

74% Oalo ' 60/84' . — - •' 

74% Oslo 71/87 — v 

.64% Oolo 73/90 

9% Oslo 75/B7 

84% Oslo 80/90 — 

64% Papua 73/88 

64% Parkar-Hannifin 77/87 PP 

74% Parker-Hannifin 79/87 PP 

84% Pemex *76/83 — 

7% Pemex T7/84 

7% Pemex 78/88 ; 

11% Pemex -82/90 A: — ............ 

7V. Petrobraa 77/84 '. 

7% Petrobraa 78/88 .. 

8% Petrobraa 79/89 

74% Philippine 77/84 

64% -Philippine 78/86 — 

84% Philip Morris Int TO/» 

94% Philip Morris Int -82/92 — 

84% Philips 82/92 

54% PK-Banken 78/88 

£?,% Postipaakki 78/85 PP J 

74% Prlvatbk. Copenh. 77/83 PP 

64% Pyhm Autobahn 77/89 (G) ......... 

64% -Quebec 72/87 

7*j% Quebec -77/87 

.74% Quebec 77/87 

8% Quobsd '78/00 - '• 

104% Quebec 81/91 - 

104% Quebec 82/92 — 

64% Quabec Hydro 0. 89/84 

74% Quebec Hydro El 69/84 

8% QuebBC Hydro El 71/88.. — - 

64% Quebec Hydro 0 72/81 

84% Quebec. Hydro El W® 

64% Quebec Hydro ■£! 77/87 — 

64% : Quebec Hydro 0 77>®7 — ' 

104% Quebec Hydro 0 81/9J — 

84% Queensland Ahr. 70/to 
84% Rauaruukkl 18/88 (GT 

74% Reed- Paper 73/88 . — 

74% Renault 80/85 PP 

104% Renault 81/88 PP 

8% .Renfe 77/84 (G) 

7% Rente 79/87 (G) — * 

10% Renle 82/S2 

0% Rep. Chile 80/86 - 

54% Ricoh Comp. 78/83- 
74% Roy. Bk. bf Canada BO/TO 
64% Roy Lobbb 79/84 PP 

7*4% SAAB 71/86 

74% Saga Petrokjemi 77/87 .PP ..u 

74% Sandvlk' 72/87 .... - 

94% Sandvlk. -75/83 : — 

7% Sanfco Steamship 77 /Si : 


1. 0.80— TOD 
1.1 2.77— 8SD 
" "TI'ELBSJ— B7D 

1. 3.81— 38P » , 

■ 1.11.75— 94D • f 

2. 1.78—97$ ; => 

1. 7.78— 90S 

1. 3.78-=TOS “ 

1. 3.83— 90S 
1. 7.79—885 
1. 6.83— TOD 
1: 7.8511OTD * ■: 

1.12.83 
1r-9.fl4 
1 . 1.86 - 
1; 2.90 : ” 

1.10.84 

1.10.84-r88D 

1 C 1 0.85— 69D . . - 

1.11^4 

1. 4.86 C 

1. 5.90 
...1, 2J» 

15. 6.92 

1. 5.84—680 . 


!”I 98.00 

7.40 

11.38 

0.50 

1. 2. 82— 850 


7.1D 

3.81 

4TO 

.... 1..4TO 

93.25 

6.97 

9.46 

2.66 

1. 9.84— 89D 


7.71 

8 TO 

433 

1, 7.78—870 . 

.... 95.75 

7.57 

BTO 

437 


• 86-25" 

6-SG 

9.60 

4 TO 

1. 6.87 ■ • • 

.... 107.15 

10.03 

9ft2 

8.92 

1. S TO— 900 

104.00 

9.74 

9.45 

9.37 

1. 9.91 ■ - 

.... 100.00 

6.7S 

6.35 

1.33 

15.12.92 


7.18 

6.60 

1X1 

2.75— 60S • 

.... 102.00 

7.84 

7.19 

2TO . 

1. 9,75 — 34 □ 

„• 93.60 

6-94 

9.56 

2.41 - 

• - V.- 8.77— 860 

_ 92.90 - 

7.00 

9.49 

2.78 

■ -1. 4.T&— 07D 

..' 91.75 

7X» 

-* 8.B4 

4B7 

1 .- 3.79-uB80 • •- 

.. 90TO 

6.92 

8 63 

5.17 

16, B.87P 

..." KJ5TO 

9.74 

9.36 

9.17 

• 1.12.87P 

_. TO. 10 

8TO 

9XJ3 

3.08 

1.1241 • 

8850 

BTO 

10.66 

3.40 

1.11.7fr-^5S ' ” 

. 93.00 

7.80 

8.96. 

5JS 

1. 4,84— 38p 11 ' 

94 DO 

7TO 

9.86 

2B2 

1. 1.7S^88S ’ ' 

■” 103 XX) 

1044 

9.73. 

3.75 

i.'s.es,.' . . ;• 

97.25 

833 

9.99' 

1.60 

1. 7TO 

87.75 

738 

10TO-. 

4.67 

1. 4.S4 . . . 

— .100TO 

9.96 

934 

9.62 

1. 6.67 

— .'87X10 

10^4 

13.54 

3.83 

36.. 5.92. . . . 

— 97.00 

5.41 

9.11 

0.83 

1. 8B6 

— . 94.35 

8.21 

8.77 

7-83 

J. 6.83 !. 

— 35.50 . 

7.07 

9.32 

ZOO 

.. 1. 8.80 . 


1..6.77-88S 
.J. 7.B&-87S 

1^X84 ’ 





16 







Quotations (Continued) 



9h% s*iyu stw« w/ee 



95 JS 

a.57 

9.55 

3.42 

1. 3JJ6 

©4% Shall Infl. 72/97 




2S.75 

6.56 

6.82 

4.50 

1. 4-73—87S 

a°A shall int'i. Tim 



97.60 

6.92 

7.41 

4.26 

1. Z85-8BD 

Singapore 77/83 


98.50 

6.60 

9.13 

0.5S 

1. 5.83 

Bft% Sira Kvlna 70>B5 



100 00 

3.50 

6.67 

1A1 

1. 6.76-850 

64% S.N.C.F. 68/83 (G) ...... 



88.75 

658 

7.35 

1.00 


avft s.n.c.f. ec/92 igj 



38.85 

S7d 

3.83 

9.62 

15. 5.30— eas 

Th"t> Soc. Dev. Rag. 7B/86 (6) 





90. *0 

7.73 

9.31 

2.24 

t. 4.80— OBO 

BV% Soc. Dm. Reg. 77/SZ PP 

[G] 

r 

35.50 

7.31 

9.87 

532 

16. 

3*™ Soc. Mar. Fina 7S/S5 PP 



93.00 

903 

10.55 

0.5S 

1. 5,79-630 

A% SonBim 73/84 PP 



33.23 

6.70 

12. Id 

1.29 

IS. 1.84 

6VK South-Africa 69/34 




39.SO 

6.78 

723 

1.50 

t. 4 75— 84S 

84% South -Africa 70/85 




100.25 

8. AS 

8.49 

1.53 

1.11 76— 35S 

74% South- A Inc 71/86 


...... — an 

99 00 

783 

S 20 

406 

1.TI.77— BBS 

7% South.Afric 72/37 




85.10 

7.38 

5.21 

b 08 

1.11.76— 87S 

8% South- Africa 80/97 


— . 

39.16 

9.08 

9 21 

4.75 

1, 7.87 

8% South-Air. Oil Fund 78/83 PP IG) ... 

35.50 

8.3S 

12 66 

1 03 

1.11 83 

74% South- Air. Oil Fund 78/34 

PP 

fG) ... 

96.50 

8.03 

10 *6 

1.42 

1. 3.84 

74% South -A fr. Railway 73/83 

fG) 


31.25 

8,22 

3.55 

S.67 

1. 6 73—889 

8% South-Afr. Railway 7S/S3 1 

PP fGl ... 

37 50 

S.21 

11.55 

0 75 

1. 7.83 

8% South-Afr. Railway TC/S3 

It 

’P CGI 

97.40 

S.21 

11.10 

092 

1. 9.83 

74% South-Air. Railway 78/83 

PP 

(G) ... 

34.75 

3.18 

12 81 

1.17 

1.1283 

7% South Scot!, a. 73/88 IG] . 


94.50 

7.*1 

3.50 

533 

i. 2.7s—ass 

9% SNV 83/90 



95.50 

9 72 

9.3* 

7 74 

1. 7.90 

64% Spain 77/84 



36.40 

7.00 ' 

8.34 

1 83 

1. 384 

8% Spain 7B/E8 



87.25 

8.88 

333 

5 5? 

1. 5.88 

6% Sparbank Oslo 78/90 PP . 



55.90 

6.7S 

9.67 


16. 5.31— GOD 

64% Stand. Chart. Bank «3/BE 

.... 


S9.40 

7.27 

9 12 

5.26 

1. 1.88 

8% Statail 78/88 (G) 




39.55 

6 68 

8 23 

5.92 

1. S.84—88S 

64% Statail 79/89 (G) 




S2.15 

7.05 

3 10 

6 42 

1. 3.86—835 

7% Strafooraiag 77/85- 




96.25 

7.35 

10 81 

1 35 

1. 3^2—860 

S4% Stockholm County 75/97 . 



37.25 

9.00 

10 04 

2.40 

1. 4.75— 87D 

74% Sun Oil Int. Fin. 73/88 . 



9750 

7.89 

6.04 

5 83 

1. 8.78— ass 

74% Svanska OH 73/33 



S3. 75 

7.73 

3.75 

5.33 

1. 2 79— ass 

104% Svaneka Hdl. Bk. GiflB 



100.50 

10.20 

10.11 

505 

20 10.87 

64% Sverigaa Inv. Bk. 72/87 . 



37.25 

6.91 

7.49 

4.42 

1. 3.78— C7S 

7% Svarigea Inv. Bk. 73#'ES . 



91.00 

7.45 

8.41 

5.42 

1. 3.79— 63S 

84% Sverige* Inv. Bk. 75/63 . 



100.50 

8.45 

7.59 

0.67 

1. 6.80 — 83S 

64% Sweden 77/8* 



37.00 

6.70 

8.56 

1.53 

1. 5.B4 

6% Sweden 77/88 



34.75 

7.03 

897 

7.17 

1.1 2. S3— 395 

74% Sweden 73/89 



94 BO 

6.19 

5 S3 

675 

1. 7.89 

74% Sweden 79/89 PP 



39.50 

8.38 

9 66 

8.83 

1. 8.89 

8% Sweden 80/97 PP 



94.75 

8.44 

9.50 

4.37 

16. 2 87 

84% Sweden 80/87 



103.00 

0.47 

a.33 

4.50 

1. 4.87 

8% Sweden 80/67 PP 



100.25 

S.98 

8 91 

4.62 

15. 5.87 

94% Sweden 00/87 PP 




S8.50 

9.30 

9.37 

5-06 

1.11.87 

74% Sweden 80/90 



93.30 

3.39 

8.93 

7.92 

I. 3.90 

94% Sweden S2/B8 




102.60 

9 51 

9.12 

548 

IS. 368 

84% Sweden 82/88 PP 

.... 


38.00 

9.06 

9.27 

6.67 

1. 5.89 

94% Sweden 82/32 



101.00 

9.65 

9.57 

9.46 

15. 3.92 

34% Swedish Export 80/87 ... 



99.50 

9.55 

9.61 

5.17 

1.12.8*— «7S 

104% Swedish Export 81/91 . 



102.00 

10.05 

9.85 

7.52 

1.11.88— 91 

94% Swedish Export 82/87 ... 



101.75- 

9.3* 

9.04 

492 

1. 9.87 

9% Tauemautobahn 75/83 PP (G) 


99.80 

9.02 

9.26 

0.42 

1. 3.83 * 

54% Tauernaurobehn 78/83 fG) 



81.00 

6.79 

S-Z7 

10.50 

1. 4 84—039 

84% Tauemautobahn 80/90 (G) 

PP 


96.50 

8.81 

9.13 

304 

16.10J30 

7% Tauemkraftwerke 63/B3 (G 

) . 


93.25 

7JXS 

9.50 

0.33 

1. 2.74—830 

64% Tauemkraftworke 68/83 (G 

) ■ 


99.00 

6-57 

7.79 

0.92 

1. 9.74— 83S 

104% Telefoniea 82/92 




101.25 

10.37 

10.27 

9.42 

1. 3.92 

9% Tenneoo 82/92 




101.50 

6.67 

8.75 

9.74 

1. .732 

B°/» Tenpfinco 73/33 



93.50 

8.56 

8.94 

11.03 

1.11.82— OSS 

64% Thailand 78/83 PP 



36.25 

6.49 

14.32 

0.50 

1. 433 

74% Tokyo El. Power 6S/BA 



93.50 

7.36 

840 

1.66 

1.12.75— ®» 

64% Tokyo El. Power 79/86 



87 00 

6.70 

730 

2.® 

1. 5.85 

S4% Toyo Rubber 78/83 PP 



96.50 

5.70 

933 

1 00 

1.10.83 

64% Traf. House Fin. 72/87 .. 



aa .as 

6.36 

7,73 

5.00 

1.10.78— 37S 

6% Trinidad & Tobago 78/83 .. 



96.25 

625 

H.ce 

050 

1. * -33 

64% Trondheim 63/63 



97.65 

6 91 

9.10 

1.17 

1.12.72-G3S 

54% Trondheim 73/88 



87 75 

6.66 

9.20 

4.47 

1. 4J&— 88D 

74% TRW Int. Fin. 89/6* 



99.50 

7.54 

7.93 

2.00 

1.10.75 — 34S 

6% TVO Power 73/86 (G1 



85.75 

7.00 

9.51 

5.33 

1. 2.84— 83S 

54% UDS Group 78/83 



37. S 

5.91 

8.90 

0.82 

1. 9.83 

84% Unilever 75/37 



103 00 

8.25 

7.22 

2.7S 

1. 5 .31 -STS 

64% Union Bank Finland 7B/B8 



88.75 

7.49 

9.40 

6.21 

18.17.54— ass 

54% Uniroyal 78/8* PP 



91.00 

6.32 

11.44 

1 .S3 

1. 8 .34 

7% Venezuela 88/83 



100.50 

6J97 

6.5S 

1.00 

1,10.74— 33S 

B% Venezuela 78/88 



71.25 

3.42 

13.87 

5.42 

1. 3.84— 8BS 

64% Venezuela 78/90 



87.25 

9.67 

13.38 

6.06 

1.11.85— SOS 

94% Venezuela 90/90 



87.00 

11.21 

12.38 

8.08 

I.n.86-S0 

114% Venezuela 81 /91 



33.00 

12.37 

12.83 

9.15 

1.12.91 

84% Vienna 7B / 8* 



93.75 

8.27 

8.42 

1.32 

1. 8.7S-G4D 

54% Vienna 77/84 PP 



S3 .65 

6.14 

9.03 

2.21 

15.12.84 

94% Vienna 82/82 

.... 

......... 

100.75 

9.31 

9.22 

7.75 

1. 8 88— 92D 

84% Voest- Alpine 73/66 



96.00 

8.89 

9.40 

8.00 

1.10.79— BBS 

84% Vocst-Alpine 75/85 



38.35 

8.64 

3.58 

1.64 


64% Vpest. Alpine 77/89 



89.25 

7.56 

10 11 

4.03 

1. 6.S4-SSD 

64% Wells-Fergo ax uv. 73/88 ... 



85.25 

7.62 

9.83 

6.08 

1.11.79— 8SS 

84% Wa stland -Utrecht 53/85 PP .. 


33.50 

9.36 

1.94 

2.42 

1. 3.85 

9% Westland Ulrechl 80/S7 PP .. 



91.50 

9 34 

11.26 

5.06 

U13? 

World bank 65/35 


- 

99.50 

5.53 

580 

250 

1. 4.71— ess 

64% Wnridbank 68/S* PP 



97.75 

6.65 

9.70 

0.74 

2. 1.77 — 340 

64% Worldbank 69/F* 



97.55 

6.® 

8.35 

1.16 

1. 8.75— 84D 

84% Worldbank 69/8* PP 



96.00 

6.63 

932 

0.74 

2. 1 .77-940 

6% Worldbank 63/84 PP 



96.75 

6.20 

9.52 

0.93 

1. 4.77—6*0 

8% Worldbank 70/38 



102.00 

7.84 

6-69 

1.71 

1. 1.77-S6D 

74% Worldbank 71 /B6 1 



97.90 

7.® 

8.59 

2.12 

1. 6.77-880 

74% Worldbank 71/86 fj 



98.00 

7.65 

8 38 

2.62 

1.12.77-66D 

64% Woridbank 72/B7 - 



95.50 

7.07 

8JM 

2.33 

1. 3.78 — &7D 

64% Worldbank 73/83 



99.60 

0-78 

7.83 

0.33 

1. 2^3 

64% Woridbank 73/B8 



93 60 

6.81 

S.90 

2.9S 

1. 5.79— «80 

3% Woridbank ^/82 



99.85 

8.01 

8.65 

017 

due 1.12.32 

64% Woridbank 75/83 



100.50 

8.21 

7J6 

0.75 

1. 7-83 

7>,% Woridbank 76/83 



30.S5 

7.53 

8.01 

058 

1. 5.83 

74% Woridbank 76/83 



100.75 

7.® 

6.95 

1.00 

1.10.83 

64% Woridbank 76/83 PP ..... 



97 JS 

BJM 

831 

1.17 

1.1293 

3% Worldbank 7S/0* ......... 



101.15 

7.91 

7.02 

1.33 

1. Z8A 

7% Worldbank 77/85 PP 



35.00 

7.37 

9.37 

2.42 

1. 3-85 

64% Woridbank 77/83 PP 




93.50 

6415 

9.42 

2.58 

1. 5.85 

8% Woridbank 77/8S 




96.25 

6.23 

7.48 

2.96 

15. 3.S5 

7% Woridbank 77/87 



95.60 

7.32 

8.25 

4.25 

1. 1.87 

64% Woridbank 77/87 



93.50 

6.95 

8.24 

4,58 

1. SJT7 

54% Woridbank 78/94 



96.50 

5.98 

7.88 

1.83 

1. 8.84 

6% Woridbank 7S/B8 — 



89.40 

6.71 

8.36 

5.83 

1. 8.88 

64% Woridbank 78/88 



8940 

6.99 

8.52 

6.17 

1.12^8 

54% Worldbank 78/90 



8700 

6.61 

8.60 

5.78 

1. 287—600 

7% Woridbank 78/85 PP 

•I'll 


87 00 

7.2 

6. 21 

2.83 

1. 8.S5 

74% Woridbank 79/07 PP 



93.00 

7.® 

8.36 

4.83 

1. a 37 

74% Woridbank 73/81 

••** 


35.00 

S.1B 

8.56 

a 75 

1. 7.91 

10% Woridbank 80/38 



108 00 

9.26 

7.35 

3.58 

1. 5.86 

84% Worldbank 60/® PP 



99 00 

8.99 

8.77 

5.65 

1. 6.83 

9% Worldbank S068 PP 



100.00 

900 

8.98 

5.58 

1. 5.88 

74% Woridbank 80/90 



96.15 

819 

8.60 

725 

1. 1-90 

74% Worldbank 80/90 II PP ... 



91.00 

8.65 

9.64 

7.25 

1. 1.90 

10% Woridbank 80/90 



105.50 

9.4S 

S.9S 

7.58 

1. 5 .90 

8% Worldbank SJ/80 

■ ■ ■■ 


96.75 

8.27 

8.5B 

733 

1. 8.90 

74% Woridbank 30/E3 PP 



94.50 

620 

8.99 

5.83 

1. 888 

84% Woridbank 81/91 



101.60 

9.10 

8.95 

825 

1. 1.91 

10% Worldbank 81/91 



106.75 

9.37 

8.33 

8.58 

1. 5.91 

104% Woridbank 81/91 



107.75 

9.74 

9.17 

3.83 

1. 8.91 

11% Woridbank 81/91 



109.50 

10.05 

9.36 

8.92 

1. 9.91 

10% Woridbank 81/91 II 



105.65 

9.47 

9.06 

9.17 

1.12.91 

84% Worldbank 82/92 




99.40 

855 

8.58 

9.58 

1. 5JE 

94% Woridbank 82/B9 - 

• am 


101.00 

9.13 

865 

6.50 

1. 469 

94% Woridbank 82/32 



roz.so 

9.27 

9.09 

9.32 

1. 8.92 

9% Woridbank 82/32 



101.25 

8.89 

3.80 

9.92 

1. 9-92 

64% Yokohama 68/83 (G1 



• ea— mmm 

100.00 

6.75 

6.65 

0.92 

1. 3.7Z—639 

7% Yokohama 69/B4 fG) 



100.00 

7.00 

7.f2 

2.00 

30. 9.73-84S 




99.50 

8.04 

8.14 

3.83 

1. 8.77— 60S 

8% Yugoal. Inv. Bank 77/84 PP ... 


90.50 

8.84 

13.20 

2.21 

16.12.73— 84S 


INVESTMENT FUNDS 

The following funds indude Eurobond Issues within their portfolios 

Quotations & Yields as at 30th September, 1982 
SOCIETE GENERAL De BANQUE 
BANQUE GENERALS Du LUXEMBOURG 


1 

Fund* 30/9/82 

Price 

Pint 

Issue 

Priee 

Yield 

% 

Dfv. 

-Date 

Ram invest 

LuxFr 

1040 

LuxFr 

1000 

8.91 

( F84) 
20/11/82 

CipHaJ Rentinvwt 

LuxFr 

2290 

LuxFr 

1000 

(Capital isetien) 



1/10/81 

30/9/82 

1/10/79 

30/9/82 


High 

Low 

High 

Low 

Rentinvest 

LuxFr 1057 

LuxFr 812 

LuxFr 1057 

LuxFr 727 

Capital Rentinvest 

LuxFr 2322 

LuxFr 17D2 

LuxFr 2322 

LuxFr 1321 


EUROBONDS 


The Association of International Bond 
Dealers Quotations and Yields appears 
monthly in the Financial limes. 

Proposed publishing dates : 

1982 

Thursday 11th November 
Tuesday 14th December 

There is a limited amount of advertising 
space available each month. If your 
company is interested in taking 
advantage of this offer, please contact : 

The Financial Advertisement Department 
on 01-248 8000 Ext. 3266 or 3461 



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28 





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Q Wbrimjg&lWme 

□ Retired . J 

n TSbrkiiig part-time 

■ □ Unenjployed . 1 

■ D Housewife 

□ Student f 

1 ffwoiidngfiilRim^oatmccfwork (Please give job tilfc and natnrt of 1 

1 business) - 

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NEW ISSUE 


These tecurit&ufu iv l nx b txu soid, tMtootamamat appears oe a mater ef record ady. 

U.S. $150,000,000 

Province of Saskatchewan 

15% Bonds Due 1992 


AUGUST 1982 



Credit Sabah Erst Boston limited 

Banqne Nationale de Paris . Deutsche Bank AktiageseHschaft 

Orion Royal Bank Limited. Salomon Brothers International 

Sod£i£ Geh&ale de Banque S.A. S. G. Warburg & Co. Ltd. Wood Candy Limited 


JUpamBukKetelBBftKV. 


Jam fiUsnatfenl 



Basic of America International 



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• E5nahci3T Tiines 'Saturday October 23**1982 

HOW TO SPEND IT 


n 


by Lucia van der Post 



Sounds 
of sUence 

ANYBODY wbo livesr as those 
of us hare to at some stage of 
onr lives, cjieek by jowl. -with, 
a music-loving teenager, will 
appreciate the- advantages -that- 
personal stereo sets and head- 
phones have brought into our 
lives. At last it is possible for 
them to do their homework to 
the Bounds of the latest group 
while the rest of the household 
enjoys perfect peace. ^ . 

For those who mind about 
the actual quality of the sound 
they hear or are looking-for 
another set of headphones (so 
that more than one person can 
listen to the personal hi-fi- or 
the stereo) AKG has brought 
out a reasonably forked and 
very good quality set of head- 
phones, whieh it calls the KL 

The headphones are very 


small, light In- weight, fold up 
-for easy packing and, accord- 
ing to our guinea-pig, are a 
definite improvement on the 
_ headphones that are normally 
supplied with standard per- 
sonal M-fi sets. The soft foam 
■ ear ■ custrions mean they are 
comfortable to wear and use. 
They are highly portable and 
surprisingly tough. £17.25 from 
most hi-fi stores. 

" AKG also does a rather more 
expensive version of the K1 
— the K4. Primarily for the 
serious music listener it is 
based on the 'sound reproduc- 
tion system AKG developed for 
the K340— being no expert on 
the finer points of hi-fi 1 can 
only quote the fact that 
HiFi Neux in February of this 
year gave the ' K340 sound 
system 10 points out of 10 for 
sound quality (the only head- 
. phone out of 17 pairs to achieve 
this accolade). £62 JLO from good 
hi-fi stores. 



pets 


A -JJTLErCT companies could 
hardly be : said to be on 
anyfiody’s list of real 
essentials but in times gone 
tg?» Tiotably the 18th and 19th 
centuries, they were 
exceedingly popular. 
Presumably superseded by the 
arrival of die earners, it' was 
the fajshlon then to hare huge 
cardboard or solid wood cut-outs 
oh Whieh were painted Hfe-Uke 
version* of one’s nearest and 
dearest. ; 

Susan HiUraore, who Uvea 
&' paxt of Stanway in 
Ghracfcarershlre (home of Lord 
Neidpaih), was casting about 
for .ways -of using her -time 
and her talents (she Is a trained- 
artist).. . when she started 
making: a few' more modern •* 
versions of “silent companions." 
Shir-started with a dog, a copy 
ot her -ow*n labrador, and a 
ear and they were so - 
sought-after by her friends 
that she began to wonder if 
there- -was a wider market. 

She got together with David 
Ackroyd, a professional 
furniture 'maker who makes the 
shapes out of pearivood, and 
now they have built up a small 
stjoek'of them. 

. .AH !ihe : M companions H are 
hdfigiKilni'ed and varnished and 
the range consists of two cals 
( one ".stalking, as in the 
photograph, and one curled 
up L. A labrador (also 
photographed here) and a 
panot..* 

Anybody who Is Interested in 
them_sbou[d apply to “Animal 
Campania ns" at Bleathwood 
Manor Farm, B lea th wood,, near 
Ludlow; Shropshire. Prices are 
£56-for all the “ companions ” 
except for the labrador, which 
is £15. Postage and package is 
£3- extra. 


4 * "" ■ ' # * . . *!'■ ^ p- -'"*■. ‘ 





I mj&to "A’\ 

RHsBfr:.. ii--' ■ 



A dream 
of a bed 

WOULD-BE romantics who 
don’t feel like replacing their 
existing beds or can’t ruu to 
the cost of a full-blown four- 
poster- can now turn their exist- 
ing -bed into a four-poster by 
means of. a simple kit. Those 
who can't handle simple tools, 
screws, studs and who hate grap- 
pling with instruction leaflets 
should read no further. Those 
who have learned that a reason- 
able aptitude for do-it-yourself- 
ulus' &' willingness to- digest 
instruction leaflets reap their 
own reward in the shape of 
lower prices, might like to know 
-about the Marooncresi four 
poster* bed system. 

It is ; fundamentally a do-it- 
yourself system for turning 
youriown bed into a four-poster.. 
There are three different limber 
finishes — natural hand sanded 


whieh is ready for staining, 
polishing or paimcig: polished 
pine or dark oak stained pad 
polished. 

The kit comes in standard 
bed sizes from 3 ti uu io 5 ft 
.but if you have more <;u:rkily 
-sored bed \cu can order a kit 
to tit. When the kil arrives 
there are three separate flat 
packages — two cunuuiing posts 
and knobs, long ton and bottom 
rails and one coitiatnins short 
top rails and buuum-. 1 haven't 
tried putting it to,:e»iier myself 
but ilie manufacturer claims it 
takes five minute> 

: You can order it with or 
without drape.-, anti prices start 
at i'155 for the kit to iit a 3 ft 
single bed in natural pine. Kit 
for- a 5 ft bed in natural pine 
would be £173. in polished pine, 
£.191 in dark stained pine*. £2t>’2. 
• For full technical specifica- 
tions, further details and the 
kits themselves write to Maroon- 
crest, 8 Luudor Road, London, 
SW9. 


Cheerful if 
not cheap 

READ ERS nt this p n g a m^y . 

remember Shiu-Kay Kan as 
the designer of some avant- 
garde, low-cost li g htin g , which 
I featured about a year ago. 
Since then he has branched 
nut into newer fields — to whit, 
furniture. Knowing he didn’t 
have the experience of hand- 
ling wood that he would have 
liked; Shiu-Kay Kan has got 
together with Paul Connell, 
a graduate from the John 
Makepeace School for Crafts- 
men, and a few weeks ago (at 
Designers’ Saturday) they 
launched their Charlie Boy 
range of furniture. 

It, alas, hasn't done for 
fnrniture what his Send Up 
and Kite lamps did for light- 
ing — that is. offer technologi- 
cally sound, interesting lights 
at a price that everybody 
could afford. Charlie Boy is 
exciting, breaks new ground 
and Is appealing to look at— 
but, it isn’t cheap. 

The furniture Is based on 
the concept of simple living— 
for Instance, the bed photo- 
graphed here, is a sofa during 
lag the day and then a Futon 



(one of those soft Japanese 
sleeping mats) is unrolled 
and it becomes a bed. How- 
ever, Charlie Boy is made 
entirely from natural or black- 
stained ash trimmed with red 
handles or, in the case of the 
bed. with a red lower plinth. 

Besides the bed there is the 
bedside table, photographed 
above. There is also shelving 
—very simple to use, just a 


selection of short (120 ems) 
or long (150 ems) shelves 
supported by low (25 ems) or 
high (40 ems) supports, all of 
which can be stacked In 
layers to give • increased 
shelving. There is also an 
extraordinary long and spiky* 
looking coat-hook. There’s a 
video trolley and a side table 
and a coffee-table — all adding 
up to a small, integrated edi- 


tion of furniture which would 
furnish an extremely elegant 
(if not cheap) first sitting- 
room. 

When launched at Designers’ 
Saturday the whole collection 
created quite a stir — par- 
ticularly among the young, 
who saw it as offering them 
a fresh, new look without 
down-grading quality. 

For the moment Charlie 


Boy Is exclusive to Liberty of 
Regent Street, London W1 
where It ean be seen and 
bought. The double bed/sofa 
costs £506, the double twin 
Futon, £115, the bedside table 
is £161 and the shelving is 
£55.20 for the low supports 
(£59.80 for the high ones) and 
£48.30 for the short planks 
(£51.75 for the long ones). 


• : Say it 

with glass 

Inhere are 64 days left to Christ* 
mas— still enough to order 
something special and personal;. 
Kate -Richardson specialises in 
odligrspby engraved on glass 
ahjl- works from her home, 
which helps, she says.' to keep 
the prices down. She has found 
rtaT there is a large demand for 
specially commissioned- pieces 
for tilings like weddings, anni- 
versaries. Christmas and birth- 
days_at reasonable prices. She 
has found many of her cus- 
tomers are happy to spend any- 
thing up to £50 but are 
frightened of approaching un- 
known • craftsmen for fear of 
their. piices being too high. 
...-£be "has therefore made a 
point.- of offering a range of 
glass, -di of which is crystal, all 
of which is engraved with her 
distinctive calligraphy, at prices 
starring at £10 and going up to 
£48. 

She works mainly on Darting- 
ton or. John Jenkin .crystal, 
which' -usually offer pleasing 
simple, unaggressive modern 
shapes4-I like particularly the 
ship’s decanter in her range, but 
there. . are also sturdy goblets, 
rosebowls and fruit bowls. 




'■ -S i f* ' t ;■»' 

^ \ ^ k " ... / ' ■" " """ . ' ” 



ti 

"ft 


candlelamps and paperweights, ■while goblets engraved with in- 
It is the glass paperweights iiials and date are about £20. 
that cost as little as £10 while Contact Kate Richardson at 
her most expensive item is a her home at Willow Tree Cot- 
pair of straight-sided Darting- tage. Longford, West Drayton, 
ton crystal candlelamps at £4S. Middlesex. tTel: Coinbrcok. 
A Dartington glass rose.liowl is Bucks 02812 2409 ).For a list of 
from £25. a fruit bowl from £30 glass aud prices send a sae. 


Is £300 too much 
topayforasuit 
-or too little? 

At around £300 a Chester 
Barrio suit gives you 
aitanixhmg value ior money. * 
Because itX virtually band 
made, built to last by an anny 
of expert craftsmen from the 
finest -wooHoti and worsteds. A 
bespoke suit of the same 
quality could cost you an arm, 
a log and haif the jacket as wall 
- quite literally double. And 
because you can buy Chester 
Bain® clothes off-the-peg you 
don't have to wait around for 
fittugs and ao on. Yet because 
our nits are tailored by hand 
they give you a combination of 
comfort and style unattainable 
in machine -mad* garments. 

Try on a Chester Barrie suit 
and appreciate what we mean. 
Hamids, Gieves and Hawkes 
aud Austin Reed: Beale & 

Inman and Geoffrey Davis ara 
amongst the fine ' . 

■tores where you 
can ask to see ^ 

Chester Barrie V* * 


hand-tailoring. 




Let them 
eat salmon 



Jpf i 

salmon Mairi 

- sen es 4 _ 


BY JULIE HAMILTON 


WHEN 1 Richard Adams claims 
we are just one species on this 
planet. slowly exhausting, 
abusing and destroying all 
others, it stops me in my 
tracks. It raises big ques- 
tions about our living and 
eating habits, that., have 
exercised some of the best 
minds of the day. It is a huge 
issue that 1 can’t begin to deal 
with here but one aspect of it 
raised its head on a recent trip 
to a Scottish salmon farm. 

It would seem to me that 
there is a strong argument in 
favour of this much-debated 
form of food supply. £s it not 
preferable to kill and eat fish 
thaT have been specially 
farmed, one hopes humanely, 
for that specific purpose, than 
to catch the wild species, which 
by reducing their numbers, 
risks upsetting the natural 
balance and threatens their 
survival as a breed. 

So when it happened that I 
.isiied a salmon farm and felt 
a momentary . pang For those 
tish in capitivky, I reminded 
myself that so' large a number 
would never survive In today's 
renditions in the wild. Only 
handful of the thousands I 
saw would probably have 
reached maturity. 

Banish sentimentality and 
consider that we now have, 
fresh salmon available all the 
year round, raised in ideal 
circumstances providing all 


possible sizes and weights re- 
quired by the market. 

If you cannot get it ask why 
and if the answer is not satis- 
factory contact the Scottish 
Salmon Information Service, 26 
Fitzroy Square, London W1 (tel 
01-388 7421). It will soon become 
slightly less of a luxury and 
probably more popular in the 
true -sense of the word: 

Anticipating this situation I 
have been experimenting with 
it just a little. 


Marinated 

salmon 


Whether you want to experi- 
ment with a whole, salmon or 
just a tail piece is up to you. 
The method is the same: 

Fillet the salmon, but leave 
the skin on. Make up a mari- 
nade with a good white wine, 
enough to cover the fish, a 
little chopped raw onion, one 
bay leaf, salt, pepper and a 
little sugar if the wine is a 
very dry one. Immerse the 
salmon in this mixture for two 
or .three days in the ‘fridge. 
Serve thinly sliced raw, or you 
can cook it very lightly if you 
wish, but it is not necessary. 

Poaching salmon is probably 


the most common way of cook- 
ing it, but it is not my favourite 
way. 1 preieT baked fish every 
time. Remember if you are 
baking salmon in. tin .foil to fold 
the foil generously* 'and loosely 
round- the salmon, so it is not 
touching it more, than can be 
helped. Fresh .herbs sprinkled 
over the salmon when taken 
out of.-.the oven and .resealed in 
the tin foil UDtil cold add some- 
thing special -to-' the' flavour. 

The following is a : method of 
cooking fish that works really 
beautifully for salmon. I stuffed 
mine but that is not necessary. 


Salt Baked 

salmon 

serves 6 


1 salmon approximately 4 
lbs; U lb coarse sea ‘salt 
(though not the very coarse 
variety used in mills). 

Stuffing: 4 oz .courgettes; 2 oz 
fresh brown breadcrumbs; few 
fresh basil leaves; i oz batter; 
juice of J a very small lemon: 

1 egg yolk; salt and plenty of 
black pepper. 

To prepare the stuffing place 


all the ingredients in a Magimix 
or liquidiser and process to a 
smooth pulp. 

Gut your salmon and wash it 
well.- Leave the head on. FUl 
the cavity with the stuffing. 
With the tin foil, form a 
shallow boat-like shape a little 
larger than the salmon and 
cover the bottom of it with a 
layer Of salt. Place the salmon 
on it and then completely bury 
the salmon with the rest of the 
salt. Place in a very hot oven 
and cook for approximately 30 
minutes. The salt forms a hard 
casing round the skin which you 
will need to crack off to serve, 
taking the skin off at the same 
time. 

This dish was voted by my 
guests best served tepid, which 
is most convenient. No sauce is 
needed because of the soft 
stuffing. 

I served a lightly baked difh of 
creamed potatoes flavoured with 
nutmeg, a simple tomato salad 
and Hungarian cucumber salad. 
Xt could not have been easier. 

While 1 was in Scotland study- 
ing the salmon farms 1 was 
treated to a most delicious din- 
ner, almost a banquet in fact. 
On the menu were two original 
salmon dishes created by Andy 
Morrison, chef at the Balmacark 
Hotel at Balmacara, Wester 
Ross. X had both and can recom- 
mend them, first course and 
main course. 


4 oz salmon fillet; 1 oz butter; 

1 tablespoon white wine; 1 tea- 
spoon - (Shopped chives and 
parsley mixed; f pint double- 
cream; salt and pepper; 4oz 
puff pastry; 1 egg. 

Cot the sal mon fijlet. across 
the grain, into very thin strips. 
Melt the butter in a pan over 
a gentle heat and simply seal 
the salmon- -in it. place equal 
portions in the ramekins. Add 
the wine to; the butter left in 
the pan along with the- -chives, 
parsley and finally the double 
cream. (Took to reduce'by a 
third. Add it to the salmon in 
the ramekins and cover with 
puff pastry, glaze with* egg. Bake 
in a moderate oven until pastrv 
has risen. • ■ . . ... 


Medallion o£ 

salmon 

*X.ocb Carroii ’ 

serves 4 

4 portions of salmon fillet 
approx. 3 oz each; 5 oz lobster 
bisque (canned); J plat double 
cream; 8 fresh Dublin Bay 
prawns; 2 oz butter; salt and 
pepper. 

If the prawns really are fresh, 
blanche them In boiling water 
for half a minute. Remove the 
tail from the shell and keep the 
head and uiaws for decoration. 

Melt the butter, add the 
salmon and seal it, add lobster 
bisque, prawn tails and cream. 
Cook fast until slightly reduced, 
then season. Remove the salmun 
to a serving dish and pour the 
sauce aver. Decorate with prawn 
heads and claws. 

Salmon en create is also 
raihrr special and opens up all 
sons of possibilities for experi- 
menting. Basically, all you do is 
remove all skin and bones from 
your salmon, make up a stuffing 
of baby mushrooms and parsley, 
lemon and a little butter. Place 
this between the two sides of 
salmon and wrap the whole in 
puff pastry and bake. When 
sending, cut really thick, slices. 


1 ■ 1 ■ yO. 

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arts 



Crumbling Valhalla Khovanschina 


The Hard Shoulder 


B Y B. A. YOUNG 

. * . ^orient Speaks is. strictly 
speaking, a misnomer, for in 
interesting programme on 
Radio . *$■ on Wednesday it was 
Davies that spoke, not 
w! W1 '- Harlem, alas, has no 
longer an acceptable voice. 

it H J>esai3 as an area where the 
"Wck inhabitants set themselves 
?*T ™ entertain the whites from 

, w .York. Old Harlem was 
~ ean '. .smart and safe, and 
Wac^ like the C-orton Club and 
me Savpy Ballroom were foil 
W whites, happy to be enrer- 
. by blacks like Fats 
r an ^- Duke Ellington. 
-Racial discrimination was 
common. As. late as 1935 there 
vere .no black staff m Rlum- 
stems. the big Harlem deparr- 
3**** store. Then came the 
■Harlem Renaissance. 

Its roots were mixed. On one 
h?nd, there was the romantic 
yisaon of Carl van Veehten. a 
wdte man who saw it as a 
■wwider. On the other, there 
were Marcus Oarvey and Adam 
Clayton -Powell, who strove to 
wve the black peoole a political 
dignity. Both sides were sub- 
merged beneath the exeat 
depression of the 1930s. which 
stopped thp .inflow of white 
money-spenders and so in- 
creased the hardship® of the 
, black resident'. By 1942. life 
in Harlem was troublesome 
enough for the district to have 
been put off limits »n white 
troops. In 1943 was the great 
Harlem riot.. Since then Harlem 
has lived with its own problems 
and -.offers no welcome lo 
strangers. It is even ilJesed 
that authorities turn a blind eye 
.to the increasing use of h-ird 
drugs to ensure that detonoEn- 
Gon may continue to a point at 
which it may.be swept awav. an 
idea that brines on unhappy 
recollection of the Opium Wars 
in China. 

The pmzrpmme. produced hr 
Hugh Onarrio. wos admirably 
conceived, stirring with its 
emphasis on the golden days of 
Harlem music and blending 
gradually irio concern with 
municipal politic'. Futh Elling- 
ton, as it were, giving way lo 
James Baldwin. 

This first of the week's nlays 
commissioned by the BBC to 
celebrate its Both annirersary 
was WnfcJiwu the Plows 
Together. bv Rhvs Adrian, on 
Radio 3 on Sundav eveninz. It 
was a study of the inattention 
of a husband nnd wife v;hn 
claim to be listening to radio 
drama, a well-observed slice of 
life beautifully pleved by 
Rosemary Leich and -Tames 
■flmut ami direcred by Tohn 
Tydeman: after a time, though, 

I found myself as inattentive 
as they. 

The Monday Play on Radio 4 


was Edtrin. by John Mortimer, 
which commanded our attention 
with its first line: “I put it to 
you, Marjoriebanks. that you 
rogered my wife." My attention 
stayed with it for all 75 minutes; 
Though I'm afraid I foresaw the 
outcome before I was meant to. 
It presented two old men. a 
retired judge and .a potter, 
quarrelling., in a very gentle- 
manly way. over which of them 
is actually the father of the 
judge's reputed son, Edwin, due 
for lunch after an absence in 
Canada for 15 years. We never 
actually hear Edwin, but we 
rejoin "the two men after lunch; 
having encountered the son. 
their claims are much modified. 
It was admirably done by Emlyn 
Williams as the judge. Michael 
flmivh as 'Mar.inriebatA-' -and 
Sylvia. Coleridge as Edwin's 
mother, and directed by -John 
Tydeman. ■ 

Next day. on Radio 3. Jw.sch- 
Kisch by Alun Owen, who has 
been absent from our dramatic 
scene too lone. This is another 
family puzzle. After the 
funeral of David’s, wife. David 
a«d hi' brother John discuss 
whv Kisch tmore corrcctiv 
Kirsten) has not been to the 
service. She lived in David’s. 
hn*’sp for six vnap:. A' -thev 
talk. rh«» true situation of Kisch 
in D'vid's -family i« nv>de ln- 
rre-o'inglv nlatn.- I would have 
cared more if David and. John 
bad not bppn such very ordinary 
umwn-Toiddie-cJpss dramatic 
characters: but I did care, a bit. 
end there w ere performances hv 
Ooffrejr Palmer and Charles 
Kav tr> bo admired, and- direc- 
tinn. need I say. by John Tyde- 
man. 

Frirt^v-s .Afrernoon Theatre 
was Tlic (Vrf Ufon Sirens Alnve ■ 
b\-..Tnhn \rrien. and I liked this 
hv fa* - the best of the week's 
fo'ir commissions. It tells of 
The biiTt^ing of. the lgdv.chanel 
of Durham Cathedral." The" 
French architect died, nassing 
his authority to two English 
masons, hnndsomn Nick- and 
clever Charlie. He also leaves 
a dn lighter, who knows a' great 
secret that may make one of 
Them a great builder. The 
secret is mathematics; but it 
dn°s rot save Charlie’s chanel 
fmm unexniained cracks that 
retire wholes*)* redesign. ' 1 

The cracks, in fact, are due 

to ihp nojftiuiPlcHls influrmr° of I 

St Oithheri. who had no desire 
tn have a ladv chanel built 
*lw" his tomb. - The story 
reminded me of Kipling’s story 
ahonf. tbA bmldprs in Pitch nt 
Ponk'x Hill, and T can’t give it 
higher praise than that. Nigel 
Anthony and Christian Rodska 
nt? v ed the rival masons and 
Linda Gardner the French 
builder's daughter. The director 
was Alfred Bradley. 1 


F.T. CROSSWORD PUZZLE No. 5,006 

A prize of £10 mil be given to each of the senders of the first 
three correct solutions opened. Solutions must he received by 
next Thursday, marked Crosstrord in the top left-hand corner of 
the envelope, and atldrcsscd to the Financial Time's. JO. Cannon 
Street. London EC4P. 4BY. Winners and 'solution will be given 
next Saturday. 


Address 


BY MAX LOPPERT 

The Royal Opera Khovan- 
shchiha, first given in 1963, 
then revived in 1964 and 1972, 
has at last returned' to London. 
There are many easily deduced 
reasons why this elevating and 
profound operatic epic should 
lie on the fringes of the com- 
pany's repertory (as it does on 
those of the world's opera 
theatres generally). But sad 
that this should be so, and 
marvellous to see aud hear the 
work again: whatever manner 
-of comment follows later in this 
notice, let simple gratitude 
come first. 

Both in its very coming to 
birth and by the handling of 
its subject matter. Khovansh- 
china is an incomplete work of 
■art. At Mussorgsky’s death the 
opera comprised a tangle of 
completed sketches, mostly 
unorchestrated: the business of 
making from it a pcrformable 
opera was first undertaken by 
Rimsky-Korsakov, though it is 
the much later Shostakovich 
edition on which all Coven-t 
Garden performances have been 
based. There is no " fixed " 
Khoratwhchina: R i m s k y’s 

(characteristically expunging 
angularities and trimming the 
work Into a compact 1 show) and 
Shostakovich's (demonstrably 
more Mussorgskdan in its 
essence) might almost be 
deemed different operas built 
of the same raw material. (And 
even the Shostakovich version 
is capable of growth — two short 
-scenes not Included in 1963 have 
now been added to the second 
and third acts.) 

. And the plot is by its own 
definition open-ended. Mussorg- 
sky and his tibrettist-collabora- 
-ior Stasov a temp ted in their 
*• musical drama in six scenes ” 
to catch lie temper and the 
pulse of a whole nation at a 
crucial moment in its history. 
Though the opera's underlying 
themes unfold themselves with 
magnificent breadth and steadi- 
nes ef purpose, the narrative 
surface is disjunct, awkward to 
negotiate, and for non-Russian 
audiences laden with confu- 
sions; Teh various knots - of 
rebellious nobles and religious 
fanatices- group and torgrpup 
around the unseen presnee of 
Peter the Great; their end is 
dear but the route thereto not 
always so. 

These are just some of the 
burdens performers and 
audiences . of - Khovanshchina 
have to bear (and. of course, 
they are' enormously increased 
by the Royal Opera’s decision, 
as in- -1972 but not in earlier 
performances, to enact the 
work not in the language of the 
audience or all but a single 
member of the cast, but in 
Russian). But they are worth 


* Indicates programme 
in black and white 


BBC 1 



ACROSS 

' 1 There is merriment in being 
overdrawn but this money is 
to be paid back (G) 

: 4 Cork’s substitute, Turner? 
(8) 

10 Inordinate desire to bum ex- 
tremely pretty country (9) 
jl'Take such steps to make sun- 
burn disappear (5) 

- 12 Finished pier for demolition 
(4) . 

.-13 Sandy's .short sleep a -treat 
at tea-time (10) 

15 Got. Bill through? (7). 

,26 Taste Lancashire stew— take 
a can out (6) 

.19 Anglo-Saxon ■ kingdom- 
thanks to foreigners, Offa’s 
last (6) . - . 

21 Romance Capricieuse for 
violin (7) • 

.23 Troops hide out in the 
ministry (10) 

25 Was in debt for ring getting 
married (4) 

27 Fragrant resin — of elm, 
that is? (5) 

28. Celebrated way of getting 
. through tulips— i.e. potting 
out (9) 

29 Glabrous hospital stuffy (8) 

30 Half ■ 01 them understand 

yam (9) T 

■ ■ . .DOWN 
1 & 22 dn- What the papers say? 
(8, 6) 

2 Adam feature in Pudding 
Lane,, for example (9) 

3 Not feeling well, at all! (4) 
5 Conspicuous error from Ger- 
man golfer below top of 
conifer (7) 


6 Held rental over, brought in- 
to bondage (10) - - * 

7 Saw such difficulty - -at 
Wimbledon coming up (5)'- 

8 Albert Hall concert part re- 

■ ■ duced — remind players (6) 

9 Coveted life in Frahee-^ara- 
bition surrounds it (6> 

14 Company ■ capital neverthe- 
less quite motionless (10) ' 

17 Animated miners’ leader 
(4-5) 

18 Dealt with cuts as group 

matured (8) _ - 

20 Order a cat, he's the classic 
friend (7) 

21 Church work with extremes 
of piety is rough 4n the main 
( 6 ) 

22 See 1 down 

24 First people getting .up in 
EC1? (5) 

26 Car-test bit. of a hindrance — ; 
I travel by night (4) - . . 

Solution to Puzzle No. 5,005' j 


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QHoncna 'onnvmmm 

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0EHD SHEEHmEnSE 
BE 'El -ERODE 
aEGEHncna aaacn 
E E Q. E □ 0 0 

nmnm smnnrznm 


[ - 9.05 am The Craft of the 
Weaver. 9-30 Saturday Super- 
store. 1227 pm Weather. 12.30 
' Grandstand, including L00 News 
Summary; Football Focus 
(12.35); Rally Sprint (1.05, 
1.40, 3.10) from Bonington 
- Park; Racing from Newbury 
(120, 1.50. 2.20, 2.50): 

Snooker (2.10. 2.40, 3.10) 
The- State Express World 
Team Classic from The 
Hexagon. Reading: England 
v Northern Ireland: 3.45 
Half-time- soccer scores: 
Rugby League from Wigan: 
The Forshaws Lancashire 
Cup Final: St Helens v War- 
rington (3J>5); 4J35 Final 

Score. . 

. . 5.10 News. 

. 520 Regional Sports. . Pro- 
| grammes. 

5-25 The Dukes of Hazzard. 

6.15 The Late-Late Breakfast 
Show. 

- - 6.55 -Blankety Blank.- -- 

720 Juliet Bravo. -- 

520 The Paul Daniels Magic 
. ■ " •' -Show. - 1 

9.00 News and Sport' " 

9.15 TRe Saturday Film: 

; : “ Breakbeart Pass " (The 

.'first of three films- star- 
ring Charles Bronson). 

. 10 JO Carrott's .Lab starring 
Jasper CarrotL. 

11.35 Cannon. 

REGIONAL VARIATIONS: 
Cymru /Wales — 520-525 pm 
Sports News Wales. . 

Scotland— 9.00-930 am Mag. is 
Mo'g. 520-525 pm Scoreboard. 
1225 -am Scottish News Sum- ’ 
mary. . 

Northern Ireland — 3.10-3.55 ' 
pm Rugby: Ulster v Connacht: 
Live coverage of the second-half 
from Ravenhili, Belfast (opt-out 
from Grandstand); . 5.00-5.10 
Northern Ireland Results (opt- 
*out from Grandstantf)-. 520-525 
Northern Ireland News, . 1225 
am Northern Ireland News 
Headlines. 

- England — 520-525 pm South 
West (Plymouth): Spotlight 
Sport — -Regional' ‘News- and 
Results. All Other ' English . 
regions: Sport/Regional News. 

BBC 2 

' 10.10 am Open University.' 
f3.‘05 pm Saturday Cinema: 
“Train of Events," star- 
. ring Valerie Hobson and 
Jack Warner. - 

420 Snooker: The State Ex- 
press World Team Classic 
from The Hexagon, Read- 
ing. England v Northern 
• Ireland. ■ 


Solution and winners of- 
Punde No. 5000 ■ 

• Writer: Rudyard Kipling ' 

. Work: The English Flag 

. .G. -W.. Robinson, 137. Fother- 
lngay Road. Glasgow G4i 4LG_ 
D. , A. Stonehouse, . 39 Grafton 
.\yenue. Rochester, Kent- . C. 
McOwan 13 . Douglas . Street,'. 
. Stirling FK8 1NT,. Ian Buckley, 
2 Court Hill Street, Stockport. 
Cheshire. P. J. Howe, 30 New- 
ton Road, Oxford. 


it; for in a real sense the great- 
ness of Musorgsky’s vision lies 
not just in its famed directness 
and. uncluttered intensity of 
expression but in its rawness. 
The life of a nation — 
or indeed Russian life 
at the turning point of Peter 
the Great's reign — may not be 
“like that.” But, even after a 
performance of distinctly mixed 
virtues such as Thursday’s, the 
thrill of the Kb arans behind 
experience is the impact it con- 
veys of a nation’s life, gathered 
from apparently illogical frag- 
ments across the widest human 
spectrum. 

Though Mosorgsky and Stasov 
despised the purveyors of the 
19th-century Western Grand 
Opera — the “ defenders of the 
old order,” Stasov called them, 
against whom the “new Rus- 
sian school" was struggling to 
fulfil all its momentous ideals — 
in many respects the two pro- 
duced the grandest opera just 
outside the confines of Grand 
Opera. A simple criticism of 
VI ado Habunek’s original pro- 
duction, now reworked by 
Jeremy Sutcliffe, and Bozidar 
Raslca’s designs is that in con- 
cert they domesticate the whole 
piece, reduce its scale diminish 
its grandeur. Homely fences 
and fiddly «mblematUr Kremlin 
hangings ' across the outdoor 
scenes have a cartoon-ish feel 
to them; even in the finale, the 
forest self-immolation of the 
Old Believers, the eye struggles 
to fin'd a proper complement to 
the music and the action. The 
indoor scenes work more effec- 
tively; hilt as a whole this pro- 
duction has not worn very welL 

Despite this; the performance 
came across as having been pre- 
pared with reasonable care:- per- 
haps because of this, and for 
other, related reasons as well, 
it wanted overall the essential, 
animal kind of Musorgskian 
vividness. It is possible to argue 
. — and na doubt the Royal Opera 
-does just so that if the price 
of Yevgeny Nesterenko's' Ivan 
Kbovansky was the .singing of 
the opera In [Russian. It was 
-worth paying. Certainly, the 
-stage came to life whenever he 
-was on it; even someone with a 
vocabulary of no more than six 
or seven Russian words could 
admire the trenchancy of his 
delivery, while everyone could 
-admire the colourful demanour, 
the keen, powerful, truly 
-focused bass voice. 

The' problem with artistry of 
.this kind, native and authentic 
in equal pirts. is "that it tends ' 
to . expose its surrounding - 
absences. - Of the otherwise 
entirely British case only Robert 
Tear’ Golitsyn' and to a lesser 
extent Paid Crook’s Scribe en- 
couraged confidence that the 


'5.50 Buoogiorno Italia'' ' 

. 6,15 The Old Grey Whistle 
Test 

625 News and Sport. 

. . 7.15 Saturday Briefing. 

"20 Snooker from Reading. 

’ 820' Russian Night . . . 1941: 
Dramatised by Robert ' 
' HUHer' from Solzhenit- 
syn's “An Incident at 
Krechetovka Station." 

- 9.15 Kingswood: A Compre- 
hensive School. 

-10.00 Something Else. 

10.45 News On. 2. 

1020 Snooker from Reading. - 
1*12.00-120 am Midnight Movie: • 
!* Fprce Of Evil," starring 
John Garfield. 

LONDON 

9.00 am Sesame -Street 10.00 
Star Fleet ■ 1020 The - Saturday . 
Sbow with Isla.St Clair. 12.15 . 
pm World ' Of Sport: 12.20 . 
On The Ball; 12.45 Angling 
—The Visionhire Pike . 
Masters from Baronscourt, 
Co Tyrone, Northern Ire- 
land; 1.05 Cycling — Tour of 
- -Lombardy; 1.15-News; 120- 
The ITV: Seven from Don- - 
casteF and Stratford; 3.10 
Motor ' ‘ Cycling — “Motor 
'•Cycle News.", - Superbike 
Championship,, from Brands 
' Hatch; ' 3.45 Half-Time - 

. Soccer News and: Reports; 
4.00 Wrestling; 4,45 Results. 

' 5.00 News: ’ - - - 

5J5 Metal Mickey. 

. 5.40 The Pyramid Game. 

6.10 Game For A Laugh. ’ 

7.05 “The Undefeated,'' star- 
ring John Wayne' and 
Rock Hudson. 

'920 The Professionals. 

1020 News and Sport - i 

1025 The Big Match; 

1125 London News Headlines . 
followed by Best - of- 
Saturday Night Live. 

1225 am Continental Movie: -! 
“The Glass Cell," star- . , 
ring Helmut Griem and - 
Brigitte Fossey. 

2.15 Close: Sit up and Listen. | 

All IBA- Regions -as London. 1 
except al the f ©flowing times:— ! 



■” Yevgeny 'Nesterento' 


words had been not just conned 
but intelligently mastered, and 
made part of a whole character- 
isation. Like Mr Tear, Yvonne 
Minton (Marfa) and Donald Mc- 
Intyre (Shaklovsty) belonged 
also to the 1972' oast; both give 
capable large-sized perform- 
ances lacking sentience and 
poetry- of. . detail,. Jhough. the 
mezzo (despite her now fantiHar 
moments of flatness) rang out 
some vigorously 'incisive phrases 
in passing. The Dos&fey is 
Gwynne Howell, singing 
strongly and often beautifully — 
Mr Howell must -surely grow 
with practice into a less- gentle- 
manly, more fiery ; -figure of 
'religious fervour than that pre- 
sented on Thursday. Among the 
smaller roles Robin. Leggate 
(Audrey Kbovansky) and Helen 
Field (Emma 1 ) sang out,' at 
least with a (t rac tive boldness. 

The conductor is Yevgeny 
Svetianov. the 'Bo4shpy princi- 
pal, and a noted London. concert- 
giver malting here Ms Royal 
Opera debut. Mr Svetianov will 
on later evenings ’in the run 
achieve a better coordination of 
pit and stage, no' doubt of that; 
whether he wiH - establish - a 
more effective and consistent 
sense Of dramatic, movement is 
as yet far (ess certain. The 
opera, in tbs best sense a 
“slow** work, proceeded in. its 


first three scenes at a gait that 
turned slowness into something 
■uncommonly like lethargy, in 
the process leaving sole ringers 
and- chorus (in sadly, tentative 
hum) - «o fend for themselves. 
More life was suggested there- 
- after, though (if memory is re- 
liable) staj far less than. Edward 
Downes^ managed for the last 
revivai. Not, then, quite the 
Khovanshchina one was hoping 
for— bat setf-recommendine all 
the same; . 


BY ROSAL1ND CARNE 

• • = • -. ••• ;■» v . 

If you live yery faf- from 
Hampstead Theatre---you\an^y 
find the jokes a trifle parochial. 
If you’re into house prices, 
Volvos, muesli and the . Fori:' 
Office Tower, it could be' light 
up your street.- I . found ; the. 
first scene very .funny indeed; 
though well aware T was laugh- 
ing at grotesque versions of 
some of my closest aquantances. 
By Scene 2, the novelty was 
wearing off, and by the end my 
interest had flagged consider- 
ably.- despite a nice twist of 
plot 

The writer is Stephen Fagan, 
little known perhaps, bnt he 
certainly. has a. flair for the NWS 
one-liner. He introduces his 
unappealing characters on. the 
roof of the house' they -intend 
to buy and convert- The area 
is going " zzp, up, up,” arid the 
only possible - hitch 'tea new 
motorway , that could cat right 
through the living room, ' Bat 
the hopeful developer Toby is 
in with the politicians. He 
knows .the scheme will be scrapi- 
ped, or will it? 

Plans for the smart, flats are. 
further complicated by a wen- 
meaning,' simple-minded : squab 
ter, a kind of ' holy idiot 
who works as a labourer, on 'tiie . 
dreaded new road, Philip Bird 
gives Mm 'plenty of unworldly 
innocence to .offset the acquiat 


tive ramK7thie6; Who want to turn 
tan col Jones Is par- 

- ticularly good as - David, the 
architect, a bom., follower with 
Just a hint Ofjmorai fibre, at- 
richfing toe text with a wealth 
tiny,- e xp res si ve -details. He 
draws in John,' full-time fireman 
and part-time builder, another 
creature of tot e 80*s, scrrtJbling 
-through the recession. With dirty 
deals behind a Clean facade. 
-Glyn Owen gives a convincing 
p erfo r ma nce, humourous, bull- 
Uke,:arid horribly amoral. 

Tanya.. McCaUin’s grey riate 
set opens out to expose the shell 
of the: empty house where the 
'group hold their , anti-motorway 
meeting* drink aJotxxf wine, and 
cook, up nefarious plans. A 
pair of women play subordinate 
roles, one as an inveterate 
attender of pubBc. meetings, the 
other - as Toby's soft-brained 
wife, Jo, always ready with the 
: cream cakes and sandwiches. 

.-Both the idea and its treat- 
ment have “their merits, but- 1 
couldn't help wishing for more 
guts; more satire, greater risks. 
"As the minutes tick slowly by, 
social ■ comment * becomes 
gradually blunter, political edge 
. gives way to ‘ cracks about life 
' Style* 'and- tension drops Well 
before the flaming denouement. 
The director is Nancy Meckler. 


The Delme String Quartet 


pm Star Soccer Gary Newbon intro- 
duces (be progrBmmb -with focus on 
one of the outstanding matches In 
.the Midlands. 1125 Vegae. 

CHANNEL 

5.10 pm Puffin’s PM (l)ca. 5.1B The 
Mary TyJer Moore Show.- 1125 Hill 
. Street Blues. 

GRAMPIAN 

9.05 am The Graovie Ghaulies. 925 
Cartoon Time. 925 Falcon Island. 
10.35 pm . Scoraport— -football action 
from the Scottish Premier end English 
First Divisions. 1125 Reflections. 11^0 
Star Parade: Musical spectacular hasted 
by James Last end his Orchestra. 

GRANADA 

- 9.15 am Voyage to the Bottom of the 
Sea. 1025 pm Match Time — football 
from around the country, including the 
top gems of the day in tbs north-west. 
11.40 Off Peek. 12Jw am Lou Grant. 


ANGLIA 

102S pm Match of the Weak. Garry 
Harrison Introduces highlights, from 
one of the region's league club games, 
olua the beat of the action From two 
other important matches. 1125 Hill 
Street Blues. 1225 am At she end of 
the Day. 

BORDER 

9.40 : Sm Kum -Kum. 1025 pm Match 
Tuna — football action from around the- 
country, including tha ' top . game of 
ttia day in thn north-west. 1125 Nero 
WoHa. 

CENTRAL 

8.05 am Sesame Street. 225 Tha 
Groovy Ghoul 103.' 920 Batman.' 1025 


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& S3- U1 E R S S 
S>353£1!Z25!! SHEHflP 
sans Hu n 
sEfiSHHni sansHQ 

SHEEEEnKEl'*: 
H R B E'El B eiS 
HElEZnnEEB HE 

mossgn BHiiCiEi'nicira 
m n s ra n s e 
sQgnsa nnnasEEE 
see m s a n 


9.35 em Ask Oscar! 12.13 -pm HTV 
Klews.. 5.13 HTV. Newe'. til 25 Raw- 
' hide. 

- HTV Cymru/WalBS— As HTV West 

■ except: 5.16-5.45 pm Rea agwar. 
...SCOTTISH... 

9.10 am Bailey's Bird. 926 Mark end 
Mindy. 1026 pm • Scotsport— with 
Arthur Montferd. 1126 Lets Cali. 11-40 
The Streets, of Sen Francisco. 

TSW 

, .9.05 am Sport Billy. 920 The Satur- 
day Show. 10.30” Teach Youraeff . Gib- 
berish. 1025. Space 1999. 11 »5 The 
Adventures of Gbiliver.' 12.12 pm TSW 
Regional News. 5.15 Tha Mery Tyler 
Moore Show. 1125 Hill 'Street Blues. 
1220 em Postscript. 1220 South West 
• -Weather. • 

TVS 

9.00 am Saturday Brief. 9-05 Joe 90. 

, 920 Film Fun. .1026 pm The Saturday 
Match— Fred Dinansgd-and George Best 

■ Introduce bighHghte of- today'* aobcar 

- action— both national and . regional. 
-1125 Lou Grant. 1220 am. Company. 

TYNE TEES 

9.00 em Morning Glory. 9.05 Cartoon 
. Time. 9.10 The Unle House on. the 
Paine. 12.13 pm North Eabr News. 

- 5-13 North East Newt. 1025- Shoot. 
-11 25. Lady Ice. 1.15 am Three's 

Company. 

ULSTER 

■ 1.18 pm Lunchtime News. 620 Sports 
.Results. 6.13 Ulster Newe. .1024 Ulster 

Weather. 1125 Leu Grant. -1220 am 
News at Bedtime. 

YORKSHIRE 

9.00 am Megllls Gorilla.' 9.10 ‘tittle “ 
-House on the Prairie.- -1025 pm The 
-Big Game— John. Helm jepanx_on .one 

of today's top league soccer matches 
in tha region. 1120- Tha Monte Carlo 
Show. 

"RADIO 1 

- (s) Stereo (when broadc as t on .yhf) 

7.00 wn Wake up to tha 'Weekend 
with Adrian John. 8.00" Tony" Black- 
burn's Saturday Sbow. 1020 Paul . 

-Burnett. 1.00 pm Adrian Juste (s). 
2.00 A -King In New York with. Jonathan 
King (s). 225 Paul' Gembeccinl fsj... 
420 Walters’ Weakly -with ‘John 

■ Walters (a). 5.00- Rock On (s). 620- 

720 In Concert (s). • 

RADIO 2 


8.05 am David Jacdbs- fs). - 1020 . 
Lonnie Bennett with Star Choice (a). 
11.00 Kenny’s . Clacks (a). 1.00 pm The 
News Huddllnsa with Roy Hudd. 120 
Sports on *2: Racing from Doncaster 
at 220 Websters. Brewery Stakes and 
3.00: Football: 1-40. 220; HaH-tims 
Scores at 325 commentary -at 325; 
Rugby Union from ‘Cardiff: ’ Cardiff v 
New Zeeland at 3.15, 425: 5.00 Foot- 
ball results: 526 Racing; results; 520. 
Final Pods Check. 6.00 Country Greats' 
'in Concert. 7.00 JUhipl 720 Big Hand ■ 
Special with the Radio-. Big, Band ;(■). 

. 8.00 Gilbert and. SulHysn st the barbi- 
can (*). 10.00 A Canary of Music fs). 
11.Q2 Sports Deals. 11.10 Pete Murray's 

■ Lata Show (a). 22O-S20 em You end 

■ the Night and. the Musip (e). 

RADIO 3 

726 em Weather. 8-00 News. 82S 
Aubsde (s). 9.00 News. 926 Record 
Review (a). 10.15 Stereo Release (a).' 
11.45 Haydn (s). 120 oka News. .1.05. 
Hall# . Orchestra (e), 220 ..Decade: The 
1750s (sj: S.oO jazz Record Requests 


Charlie Haden’s ‘ 

: Liberation Music 
Orchestra- at Venue 

. Charlie Haden’s Liberation 
: Music -. Ordzeatxa - . has re- 
assembled after 13 yeexs and 
will play their otdy UK date on 
. . October 27 at The Venue, 
- London. 'Victoria. 

Included in I2ie lino-up wfll 
be Don- Cheary (trumpet). 
Curia -Bley (piano, conductor), 
Dewey Redman (saxophone). 
Mike Manlier " (trumpet), 
Chariie Baden (bais), Paul 
; Motion (drums) and Gary 
! Valente (trombone)', '• 

The hand, will visit five 
European - nations altogether 
i commencing October 24. 


- (a).-625 Critics'' Fonint. 626 Szyman- 
i • owskl piano recital (a), 720 BBC 

i ..Symphony Orchestra Concert, part. 1: 
‘^Vaughan Williams (a).' 826 Pleasures 
with Bernard' Levin (Feinting). 826 
BBC Symphony -Orchestra, pert 2: 
Walton (■). 920 Burnt .Books .and 

' Wasted Towns (Poems for B Alemein 
Day). 920 Herbert Howells Church 
music (s). 1025 In a Nutshell by 
Barry Rilton. 10.40 Music for. Accordion 
(s). .11.15-11.18 News. 

RADIO 4 

620 am Nawa. 622 Farming fddey. 

' 820- Yours Faithfully. 625 Weather, 
.travel, programme news. 7.00 News. 

• 7.10 Today’e Papers.. _7.16 On . Your 
Farm. 7.45 Yours Faithfully. 720 It's 
■ Bargain, .725. Weather.' travel, pro- 
gramme news. 820 Nsws. 8.10 Today's 
Papers. 8:15 Sport On -4. 8.48 Yester- 
day In PertiemenL 8.57 Weather, travel. 

9.00 Nows.. 9.05 Breakaway. 920 Nsws 

- Stand. 1026 The Weak in Westminster. 
1020: Daily .Service (s) 1026 Pick, ol 
thB Week (j). 1125 From Our. Own 
Correspondent. 12.00 News. 1222 pm 
Money Bo*. 1227 The News -Quiz (s) 
1225. Weather, .programme .nows. 120 
News. 1.10 Any Questions?’ ‘125 Ship- 
. ping Forecast. 220 News. -226 Thirty. 

- Minute Theatre (a). 225 Medicine Now. 
325 Wildlife 320 Earth search II. (s). 

4.00 News. 4.02 International Assign- 
ment. 420 Does He Take Sugar? 5.00 
Modem Biography. Anthony Curtis 

- considers 'the evolution ol the ert of 
biography. 525 Week Ending. 520 

..’ Shipping Forecast. 525 Weather, travel, 
prog ram ms news. 620 News: Sports 1 

- Round-up. 6.15 Desert island Discs 
•with Mike Harding /(s).. 625 Stop the 
. Week, with Robert Robilisen fs). 725 
-Bakeris Dozen (s). 820 Saturday-Night 

Theatre (a). 9-45 Letter Irotn the 

D lichen Sink by Kenneth Matthews. 
928 Weather. 10.00 Newe. 10.15 With 
Greet Pleasure presented, by Hogor 
McGough. 1120 Lighten Our' Darkness. 
11.15 The Story of Pop Radio. 12.00 
News. 

BBC RADIO LONDON 

722 alb Good Fishing. 820 . News, 
weather. B24 London Today.' 825 
Sports Round-Up. 820 Travel Round- 
Up. B23 The Magic Carpet Company. 

9.00 News. 9.03 On the Rates, 920 
'Openings: lO-OT AU that Jazz:- 1120 

The Robie Vlncsrt Show. 222 pm 
Breakthrough. 320 The Great Com- 
posers. 5.00 Guideline. 520r A Month 
In a Monastery. ■ 6. DO-5. 00 am.- Join 
Radio 2. 

LONDON 

BROADCASTING 

7.00 em AM with Jenny Lacey 1 end 
Magnus- Carter. 10.00 JefJybone v*i iff i 
. Clive Bull. 1220 LBC Reports with 
Dee Fahy. 1.00 pm Sportswatch with 
Jeff -Stalling. 7.00 ' Geei Mete. 8.00 
Network. 920 LBC Special: The future . 
el Brlrain> car industry. 1020 Night- - 
line, with Carol Thstoier.. 1.00 em 1 
Night Emt-a with John Jason. 420 
Hayes on ‘Sunday. '-' 420T Decision 
.Makers.. 5-00 Morning Music. - 

CAPITAL RADIO 

- 7.00 in Breakfast Show— Psu r 

- Yeung. 1020 Pick or the' Pope Take - 
Two .with Alan Freemen. 12.00 Six of 
: the Best With Nicky Horrfe. 2.20 pm 

- Duncan: Johnson's Afternoon Delight. 
620 Greg Edwards' Soul Spectrum. 

8.00 A Plain Man's Guide. 920 .Richard - 
Digs nee and. Falk Friends. 1020 Roots 1 
Rockers with David • Rodigen. 12.00 
Midnight Special. 

CHESS SOLUTIONS 
Solutio n to Position No. 445 ; 
. 1 BxKNP!. wins after 1 . . . 
PxB; 2 R-K6, KN2 ■ (if B moves; 

3 RxNP wins the knight); 3 ; 
BxN ch, KxR; 4 RxP .ch, K 
moves; 5 KxB and the rook end- 
ing is won for White. If 1 ... . 
K-N2; 2 .B-JK8, KXR; 3 BxP, i 
KxN; 4 BxN . and. the , K-aide 
pawns Win. Marfotti sealed. 1 
P-B5? when Blade's pawns won 
in a. dozen, moves. - f 

Solnrion to Problem No. 445 
. 1 N-R6. Jf.lv., KxR; 2 Q-B7, 
•or if NxR; 2 Q-B3, or lf-N else- 
wbere; 2 Q-B5. or If P><56; : 2 
N-B7, or if P-B6‘ 2 Q-R2. 


BY DAVID MURRAY 

The i)eEme anniversary series 
—their 20th' ' ahmversary, 
Haydn’s 2S(tth — continued nt 
Wednesday at the Wigmore HaB 
with, mo re Haydn and Schubert, 
and yet another new work 
dedicated to - them:.' -The- latter 
was the Fourth Concert of- John 
McCabe, an extended, single 
movement which alternates slow 
and fast variations on a theme. 
As usual wife McCabe, the 
music proceeds . easily and 
naturally, ‘without humps; hut 
also without any apparent 
creative pressure. The theme 
and its initial treatment recall 
the; later ‘BritAk: subsequently 
slow variations salute Britten, 
while 'tiie fast 'episodes: ex- 
plore same- ' painless-' discords: 
Occasional passages- for one or 
another '• pair ' of ’.. instruments 
sounded. uncomfortably thin. . 

.. ’ It may go irithout ^yiug that 
the iDelmd performance was 
grariovs -mid thcraghtfully pre- 
pared. They had begun, with the 


THEATRES 


F. minor quartet from Haydn's 
op. 20 set : thoroughly musical 
playing, quite gentle and disin- 
clined to dramatic emphases, 
culminating in a. breathlessly 
exact flight ' through the fugal 
Finale. The .Wlgmore Hall 
seemed almost too. large, for 
.once,', for this chamber-scale 
treatment. • 

' Ihe "g9*at : A' minor quartet 
of Sdntoert ' filled the second 
half of the programme. From 
the slow movement onward the 
Detm£ sound ' became more 
expansive ; hut the -wan, deso- 
late tone they had adopted f or 
the-' openkig movement had been 
ihimfideht’fosusfca^ breadth 
— and this “ Allegro ma non 
Jtroppo** was' succeeded .by an 
** Andante" " of ' a . . palpably 
aokjeer ’ pulse." That cannot be 
right The !Andante was charm- 
ing however,- and .fhe Meniietto 
and Finale 'were both^ nmivri- 
IdusTy e'ffecti derate, frill of canny 
rbyfhmjc 'riibtleti'es ' aid most 
swieetiy sung.' ' 





CDUXUM. S 436 -SI 81. CC 2AO S258-" 

MjSrn eoore 


rrs S ECON Q ftAR. Prelim 
Cart Roral plus stall , saats oe; 
MOW-TIWtiL . . • 

CR1TIIUM. S oso 3216. CC S' 


DONMAR WAtaBOIBS. EarflnrnJBtreM, 

ftiSS laK? 


FORTUNE TH HILLER THURU 

classic tn ruler. aSSt pri» 

* ®- ore"? ^ NwfarHJotSJj 
■ grai Nif * Sat 3 ten. Bede ome* 



iKl- mSS^jSk^m 




- •w.-g.'-Vit.. : 




Financial Times Saturday Gclobei- 23 1982 


COLLECTING 



19 


SPORT 



eminent 



BY JANET MARSH 

THE ENERGY and determina- 
tion of American collectors" is 
awe-inspiring. TwO Californians. 
Edward. Judd, and Alan 
Harriman, deckled in foe late 
'70s to form ' a- collection 'of * 
English art pottery of the 19th 
and 20th centuries- Now, barely 
half a .dozen years later, their 
collection is so comprehensive 
that they are recording it in a 
series of catalogues which will 
also provide monographs on tbe 
artists represented. The first of 
these, Peter Rose's "George 
Tinworth." is an exemplary 

beginning to the series and a 
notable contribution to ceramic 
literature. 

Mr Rose is vice-chairman of 
Otis country's' Decorative - Arts 
Society. His book is not tbe first 
on Tinworth; just 99 years ago 
Edmund Gome published a 
charming appreciation which, 
with its vellum binding, hand 
made paper and masterpieces of 
gravure reproduction, is now 
itself a collectors’ item. In the 
years . between Tinworth ’s 
reputation suffered a lengthier 
eclipse than most of his contem- 
poraries. His style was already 
long out of fashion when he died 
in 1913; and it was not until the 
1960s that some kind of revalua- 
tion began. 

Tinworth was one of the most 
idiosyncratic of the eminent 
Victorians of the art .world. 
Goesb. wrote of “ his isolation 
from all the other English 
artists' of his time." He 
developed a form of art, oddly, 
placed between sculpture -and 
ceramics, that was all his own. 

Tinworth, too. was a supreme 
example of Victorian self- 
improvement. He was born in 
Milk Street, Walworth in 1843. 
His father, ’* a grand man when 


sober " he recalled, was a wheel- 
wright. and his son, as he grew 
up, assisted him in tie shop. 
Years later he recorded these 
times in the terracotta relief 
■’* The Wheelwright's Shop " 
illustrated here. Young George 
Is seen carving a wooden bust, 
watched benignly by hip mother 
whose devotion to funda- 
mentalist Christianity was 
passed on to her son. A younger 
apprentice watches at the door 
m case the elder Tinworth 
should return unexpectedly 
from the public bouse. George 
remembered that the lookout 
was not always to be trusted. 

Along with another future 
great Victorian artist - potter, 
Robert. Wallace Martin, eldest 
of the Martin Brothers, Tin- 
worth enrolled for evening 
classes at the -Lambeth School 
of Art. Encouraged by tbe 
enlightened teacher there, John 
Sparkes, in 2S64 he entered the 
Royal Academy Schools to 
learn sculpture. 

In 186$, however, the elder 
Tinworth died and George had 
to .take over the wheelwright's 
shop. Fortunately, that same 
year . John Sparkes had 
inveigled his neighbour and 
friend Henry Doulton into set- 
ting up an Art Pottery Studio 
alongside his flourishing Lam- 
beth manufactory of sanitary 
and other -.useful wares. 
Through Sparkes’ introduction. 
Tinworth became its first and 
senior artist; and was employed 
and sponsored by the Doultons 
to the end of his life. 

Tinworth ’s first work at 
Doultons was the decoration 
of vases and ' other domestic 
pottery; and Mr Rose illus- 
trates more than fifty examples 


of these, with ‘ Tinworth’s 
characteristic and inventive 
scrolling patterns and applied 
bead work. Soon there were 
much more, ambitious assign- 
ments for display at the great 
international trade exhibitions 
of the nineteenth century. The 
Harranan-Judd collection in- 
cludes a massive vase, more 
than four feet high; made for 
the 1593 Chicago 'World’s Fair, 
and .surrounded with sculpted 
panels illustrating the history 
of England. •••;.' . vi : ; 

More and more T inwor t h - 
turned, under Boultons’ indul- 
gent patronage, to sculpture, a- 
characteristic style of bas- 
relief : tableaux which Gosses 
characterised as “ painting in 
terra-cotta." The subjects, were ' 
predominantly biblical: and -toe 
panels — - ranging in sue -from 
12 inches by 5 inches and sold 
toy Doultons, in standard black 
eboiused frames, for fifteen- 
guineas and upwards — were 
generally inscribed, in Tin: 
worth’s wandering hand, with 
scriptural texts. 

These were the works that 
the mid-Victorians most ad- 
mired; the Princess of Wales 
herself was an • enthusiastic 
patron. Mr Rose : laments 
understandably that Tinworth 
did not apply more of his' time _ 
to secular groups. "The ' 
Wheelwright’s Shop" and the 
architectural panels he made to 
decorate the exterior of Morley 
College (1889) and the Boulton 
factory himself, show how lively 
he could be. 

Tinworth’s major architectural 
commissions - were inevitably 
ecclesiastical — re redoses for 
churches and cathedrals; and 
the great series of lunettes 



Move on! slow coach 


... Tinworth’s “ Tho WbtatWghrt Shop ’* 

. - .7 - ;. v 

illustrating biblical scenes, . for A chess set in which every piece 
Street's Guards’ Chapel in Bird- fwas.' a mouse. Naked human 
r»a g»» Row _ destroyed,- along infants might sometimes substi- 
with most of Tinworth 's work' tute for the comic animals. 


in it, during the Blitz. 

But Tin worth— the true 
torian schizoid— had a lit 
side. Alongside his devotij 
tasks, he -would create ent ' 
mg little figures and 
anthropomorphic follies^ yith 
mice and frogs and .i 



Today it is these frolicsome 
trifles that appeal most to col- 
lectors; and prices can reach 
several tiundred pounds. 

Tinworth was, . . concludes 
Peter Rose's just and scholarly 
assessment. ” no great Innova- 
tor and the grand design was 


solemnly embarking on.hnman usually beyond him. But he 
enterprises. Mice watch a stands out in the midst of an 
mouse Punch-andJudr show, age of brilliant innovation, for 
set off on rough sea s on r owing the sturdy quality of his solid 
boats, play musical instruments, and enduring craftsmanship.” 
or steeple-chase onr frog-back. -The book, with more than 160 
There are even mouse wheel- colour plates, costs £45 and is 
wrights ami mouse photo- distributed in this country by 
graphers. Frogs fide bicycles; C-D.N. Corporation. 1 Mont- 
monkeys ride-bgftdehs on tor- pelier Villas, Brighton BN1 
t crises. Tinworth even created 3DH-- 


T 


Duke of Northumberland’s Roman 



THE SALE of Roman coins 
from toe collection of the Duke 
of Northumberland at Sotheby's 
on November 4 provides us with 
a remarkable insight into toe 
numismatic fashions as well as 
price structures in the mid-19Ui 


COINS 

JAME5 MACKAY 


to £4.000. 100-fold jnfladton in real terms ivory, plaques Inscribed with a 

This Is followed by a- collec- over tb$ : pasZl30 years. brief .description of toe 

tion of 48 coins relating to the The-vast Juemrity of toe 530 contents. . They . represent 
Bible, arranged in two frames, lots in- toa* part of the sale. Ensfiish craftsmanship at its best 

together with two leather- however, are estimated at £150 and ' remain, almost without 

bound manuscript booklets or Jess, asft provide toe private exception, in their original state 

, forming catalogues. The fetter collector -with an ample oppor- of preservation; I doubt if toe 

century. The great majority of Roman imperial large brass, contain details of the prices tuntty tp- acquire some elusive presale .estimates of £300-£5W> 

toe coins now offered for sale 350 middle and small brass, 420 paid for toe coins, the most materiaT at reasonable prices, each .have kept .pace with 

are from an ancestral collection imperial denarii and 768 con- expensive being a Rhodes Every the cabinet* themselves, inflation, but surii .gentleman s 
of toe Dukes of Northumber- sular and family coins. No de- tetradrachm at £8 and . an which/' Smyth . commissioned cabinets are once more < in 

fend, arranged in toe 1850s bv tails have so far been found in aureus of Antonia at £6. and toe about 1851. are included in toe fashion with discerning 

Rear Admiral William H. the Duke of Northumberland’s cheapest being a bronze protah sale. These mahogany veneer numismatists and would enhance 

Smyth, in circumstances which archives about the origins of and a small bronze coin of cabinets, with their shallow toe decor of any lounge or 

he vividly described in the in- this collection. Smyth’s descrip- Sardis, both of which cost two 


traduction to the catalogue of tion of It as having been in the shillings. The total cost of this 
the coins, published in 1856. 

"Being at Sion House about 
the year 1851." he wrote. “His 
Grace showed me several cabi- 
nets of coins and medals which 

had been in toe possession of earlier. It may have been 
his family for many years; and. 
as they were in rather a dis- 
orderly state. I requested him to 
send them all to London, where 
I would take occasional oppor- 
tunities for examining and 
arranging the whole in detail, many years and who could have in this part of the sale, with an 
They were accordingly for- "" *- J V! - J - c — * v; ~ 

warded to Northumberland 
House, and a room was 
assigned, where I visited them 
at pleasure. Without entering 
into needless details. I may add. 
that finding toe Roman Series 
to be very rich — as well in 
objects of interest as in rarity 
and surprising preservation — I 
caused some choice cabinets to nificent ortodracbms of Ptolemv M. Mina tins Sab-bus, 45 BC. In 

HI and IV of Egypt, all with 
pre-rale estimates around 
£2,500. The highlight of this 
section, howevpr, is a v*»ry fine 
aureus of toe Empress Domitia 
(died 150 AD), an extremely 
rare coin which could fetch up 


be made, combining at oner 
uniformity and portability; and 
the tablets were pirreed with 
cells according to the number 
of specimens they were 
severally to contain." 

The four cabinets housed .180 


possession of toe Duke’s family collection, assembled in the 
for many years indicates that nrid-19to century, was about 
the collection was in existence £100. With a presale estimate 
certainly by toe beginning of of £6,000-£8,000 it has kept 
the I9to century and probably ahead of inflation and proves 

what a good investment corns 
formed by toe first Duke (17J5- can be— if you live long 
1786) whose fondness for the enough. 

arte and sciences was described Of the coHection arranged.; by 
by Louis Dutens. the traveller. Smyth, only a handful • of 
author and numismatist who rarities are likely to exceed 
was in the Duke’s service for £1.000. Probably toe best item 
many years and who could have in this part of the sale, with an 
acted for him in forming this estimate of £2.000-£3.500. is the 
collection of coins. posthumous sestertius of Per 

The sale begins with a small tmax. struck by- Septimius 
collection of gold coins which Severus in 193 AD, an 
was unknown to Smyth, extremely rare coin in excep- 
Althoueh d*scribM as "chiefly ttonally good condition with a 
Roman,” this collection, com- strong portrait and a nice dark 
prising 31 lots, includes an ex- brown patina, hi toe £1,200- 
tremely fine stater of King £1,500 bracket are denarii of M. 
Lvsimachus of Three* and mag- Arrius Secundus, 41 BC and 

M. Mina this Sab-bus, 45 BC. In 
ids catalogue, Smyth refers to 
toe fetter as 'having been 
acquired by toe Duke at toe 
Cohen sale, held by Sotheby’s in 
November 1855. where it fetched 
£I0.5s. so toe presale estimate 
is pretty well -in line with the 


drawers of laburnum and living room, far ; less the 
numbered ivory pulls, bear .collector's den. 


RACING 


DOMINIC WIGAN 


27S_ 7«M..Hti^TnKfc' 


_____ _ Co. DIARY OF A . 

Wflltl V»P«J*r 5htrlfl»r_ Oh frr_ Paw 

iS & °— 


Nff* 9, io « e.o mi 
I No* 11 at 7.0. Su> 


’•Mot 


Pin. ALL SIA 


THEATRE. 730 1743. 

*» fc* L«i«ca Jaw prefc 
. AND BOB TOO b* 
bill. ETCS B 


IMS. eras g.oo. AU. MAT 


>TS £2. 


ROYAL OPERA HOW 
$o°«ni?7Sb N»”rr 

otsE 

TC"1. Mon A Ttnlrs at 7V 50, La 
iVlMftottan u jWNtutl tt* 

tk*». Wed si T 3i. Four 

IcHoman FHWMfOlMfiC. THE ROYAL 
OTCRATW* A Erl at 8 -30. “ 
ebbra. 


pm (Mon-Safi. 65 amp&ia 


UDUR1 WELLS THEATRE. 
01-378 £^1^_IS_HBasL H 


■Cl - CC 
hr instant 


b^nkniB 61-300 0200. Grp sslas 01-579 


llhnl 'Ocr 30 Ewi 7.30.' TMav Mat 2.30 
Da«. tor 

AMPLI^ PR KeKkRI NtWWat- 8-50 om. 




COMEDY NOISES OFF. 
MICUfiEL BLAKEMORE. 


Dkpcted hr 


ST. GEORGE'S THEATRE. 


... 807 1128. 

Tofneil Pic Rd. unnatoci-. N7. S ARA H 
MILES. PHIUP MADOC In MACBETH. 
Than. FrL Sat 7-30. 


ST. MARTIN'S. . CC 


»^™rC%^r P : 

SORRY. No roduead prtcoa from any 


1443. Evn 8. 


FROM YOUR LOCAL RECORD DEALER 
CC Hotline 920 9252. Over 1{H> Darts 
Box Ollce omrs 9 «m-l pm. 


WESTMINSTER, CC 854 0283. D**M 

Wood’s THE GINGERBREAD MAN. 
Starring Ohm Dunn. Now ZZ-Jan 15 
mats only. 


STRAND WC2- 01-856 2560-4143. 

SO. 


'i»M Mhr 01 -gSa^BZSZ. E*w 


5 00 IBX Now 

SgHts/h 


^^? l nS k m ,° 


VAUDEVILLE. CC 01-836 .MIL D1-830 

9732 (8 U nasl. Group sales ®*1- 

In LON DO N™ FUN N I ET FARCE KEY 


FOR TWO. bv John t»wwi art Daw* 

Freeman. Evos Mon-Fri 8.0. Mats Wed 
2.45. Sat 5.00 A 8.00. 


VICTORIA PALACE. CC Ql -834.1 317-8. 
OENN?S WATER MA^n^rO N RO 

Peter Wood. Ew*n T.Wl MlI Wrt * Sat 
r._p m , now 


FINANCIAL TIMES 

njKJSKED 1ft LONDON & FRANKFURT 

Hwd Office The Ftauctd Ttaaa UdM, Smckn Haaaa. M Cwmaa Shad. LuaBop ECy «Y. 
TNtK:Sa84grLT>lNe(AAi aiU»Usl S D5a3X Tal«»rtas.-ni H B llaia, Lo mta . T t Ns bBi «- 01-a<88CI». 
Fwrttnrt OfftCfi Tba numcM Timas (EmcRt) LM, 54. 0-3000 Fraokfar^anMtatal, 
Wtast Banoaos- Tatac 4U1«L W^w 799 00 . BAbfW: Fraakaoaflee 7ML Tahm 4UQ52. 
Tttmtonm 7998 157. 


WHITEHALL. B39 697S A 950 S692( 
7785-6.' CC Twiv Nonnested 
Star ANNE TWDMCY In NUTS byTOM 
TDPoa, Reduced nrlca orava from 
Oct a, oean- Nor z it 7.0. Sabs 
Era Mon- Thor* 8.0. Frf A Sat 5.59 & 
a. SO. Feet 3 |jrn all seats £3. Grmm 
sales 01-379 8061. 


ARCHER in A STAR IS TORN. 


> ^ > 2.?o fC Y^S?v. S o. B !^ISa; 


INTERNATIONAL A BRITISH EDITORIAL & ADVOTTSEMENT OFFICES 

A— tardRaw PARaxl29L tortwirti r Tatos NUMfe BRnacadn XI. M 3. Tab 
31527. Tab 378 798. 441 072. 

stasis 

P21-4SR COB, 08LAM S38L 


i U/1M Nnaatai &UL Tata: 

S9W942. TNs 33009. 

■taMM St Raafceta. TWn 2320. Fta: SU 
MO*. -Oh 5L2 9037. 

Rn JUnat SWfida M* Ha# 7, Na. 7* 
AvmM > Ca ntata 488, CfeAv* USA. Tab 


CMwi KB. Wm 2M8. Tab 731482. 

BaWhv S State Aadgta 3L. Btafe 2. TWaas 
2SS04. Tab SMta MSSrs. 
t**aA HAta tate aWs gflSta 
Street, OR 2NM. Tta 7248*. OteM Tefc 
HBW24, 412a Atatataf T* 03U36 C39: 


Itata CBr: &dk ataman MM CM tarn. 
Mataa EOF 06600. Tab 582 5*22. 


: 413300 


VLt tatadU 

iT* 243 1635. 


Hew Yorto UMd ,ata AtarHriw 75 
KDCfctfiOcr Ptna, N.Y. loon. Wlta Teliai 
66390. Tab (2X2) 5*1 4625L Ad VwfnNf Tatai 
2384C9. Tab (212) 489 8300. 

Fata CdNtaNataAMwflteB CRtaOWSta 
U Lotte, 168— art Rtaa. 73044. Fits Cctac 
OL Tata: 2200*4. Tefc 297 2000. 

Kte rf» Jm*r Rte tew 4i 5 Nb 

_ ... Ctetr* KP 20090, Rte datenalra M Biwfl. Tab 

A trn i f m M m mkm r; d.8, Hjfr a63 88*5. Tste cA Btaan. 

IM» CMMV TNifc 4MS2« Tk 7999 157« tta ng 

Atetateta ratal «»». Tab 7398 a 

OMilSitataQtaUA.TNtaSBSa'M: stKkMkH . rmlhf 

31UM rmnm>irr~ 7 - tag im wb so ec ss. 

irn ■■TiTtniiniT rriTTiii 

^ CNwtata UtaUTUO. Tab 2» 4050. 

WtebtataK Mai R E 1X71 taOsta Mas 
t Irtai run Si m—ilnTl TW HiiiRT Tain RStaBHBiilwiHr zfloCLTefcii *<fP*q 
l»S3ttsSr^ - Tab (202)347 0636. 

For Stare latex, and Business News Summary, Telephone 246 8026 
(number, pw se te d by to* iMaropriate area cote vafld for London, 
Smingtam, uwm«t and Manchester}.. 






ART GALLERIES 


pillllii 


BLOND FINE ART. 53. Scdcvlllc St.. W1. 

01.437 1230. GLYNN WILLIAMS— 

Recent Carvings. 

BROWSE & DARBY. 19. Cork SL. W1. 
01.734 7984. CAROLINE HILL PaXMlBSS 
art WaWcoloun. 

CRANE KALMAN GALLERY. 178. Bromp- 

w Rd.. SW5- 01-584 7566. Patatlnw 
art Drawings . by MARY NEWCOMB. 
Until 8 Nov. Mon.-Fri. 10-6. Satt. 10-4. 









WMITFCNAPKL ART GALLERY. El. 01- 
ST7 0107. Tort AMgvte ta. To 11 D **■_ 
PHILIP GU5TON: PAINTING* 1989-80. 
5vn.-Prf. 11-5.50: «!. Sat Fra*. 

CLUBS 


eve baa eatiwM tfw stlwrs bauioa of a 
seller of fur Play and Taloe tar raoner. 
Sirs Me from 10-3.3D am. DIko art too 
mniclans- niamorooi hoitassas eorrting 
O rtraba rt. 1*9. Resent Sfc 01-734 0557. 


clutch of rides for Fred Winter. 

Contrary to expectations 
Winter has pulled Newskmg out 
of toe opening Hermitage chase 
and relies instead on the ligitly- 

' weighted Observe. Set to race 

BBnHBMHMnP off Francome’s minimum riding 

weight of 10 stone 7 lb Observe 
COUNT PAHLEN sprang a 25-1 will not be disgraced judged on 
surprise through his win in last toe promising form he showed 
3-ear’s William Hill Futurity at Stratford, Taunton and Tow- 
and in Neorion the ingredients cester last season before falling 
may be there for a similar upset in Ascot’s Pearce Duff Novices 
this time. .Chase. However, he is still an 

Neorion. whose owner and inexperienced chaser compared 
trainer. Captain Marcos Lemos to all his eight opponents here 
and Clive Brittain, enjoyed that and I somehow doubt him being 
memorable St Leger triumph up to dealing with Dramatist, 
here through Jalip Mariner, toe Henry Kissinger and Straight 
28-1 winner in 1978, caught my Jocelyn, 
eye at York 17 days ago, where Henry Kissinger, whose best 
he finished a half length second form came eariy last season on 
to Ring of Greatness- Both he otAy : his second a p peara n ce 
and Jeremy Hindi ay's Muscatite when he' ran on too strong for 
are likely to represent better Fairy King in toe Mackesoa, is 
value than Dunbeath. toe selection. 


While Lester Piggott is 
attempting to make the best of 
his few remaining opportunities 
at Doncaster his jumping 
counterparts. Francome and 
Scudamore will be locked in 
combat at Newbury. • There 
Scudamore has some likely 
looking mounts for David 
Nicholson and Mercy Rirnell: 
while Francome reties on a 


DONCASTER 
lJtfl— The Dimnont 

2.00 — Astara . . 

2.30 — -Banda 

3.00 — Neorion** *• • 
3JI0 — Wild Princess 
■L60— Prince Amadeo 

NEWBURY 

1.30— Henry Kissinger* 

3.00 — iMussp*** 

&30— Ratoconrath 


ALL ENEMIES of slow play 
must applaud U.S. PGA Tout 
C ommissioner Deane Beman’s 
crackdown on golfs equivalent 
of the plague. But cynics may 
denounce it as too little, too late. 

Beman introduced a cumula- 
tive system of penalties that will 
span any three-year period 
much tike endorsements on a 
British driving licence. First 
and second offences will draw a 
pitiful S200 fine the third a 
paltry $500. The fourth offence 
will draw a $1,000 fine and three 
weeks' suspension, the fifth and 
thereafter a $5,000 fine and 
similar suspension for each 
further offence. How slow play 
is to be systematically assessed 
has yet to be announced. 

In late 1977 end early 1978 
a member of toe tour staff 
secretly-timed 266 players in 
nine tournaments and came up 
with the information that toe 
average time taken for second 
toots was 27.12 seconds. oBip 
and bunker shots 30.39. first 
putts 37.87 and second putts 
14.32. Fifteen thousand strokes 
were thus timed and toe figures 
were circulated to every tourist 
as the new .norm. 

At the first subsequent tourna- 
ment. toe Houston Open. Jack 
Renner and John Schroeder 
were each publicly fined S200. 
The other member of the trio. 
Australia’s Bob Scb eager, was 
exonerated. At the time a third 
offence was to draw a $1,000 
fine and three-tournament 
suspension.. On the first day of 
the new scheme the entire field 
completed toe course in less 
than four hours. 

I need hardly remind you 
that there has been worldwide 
backsliding since of landslide- 
like proportions. But to 
indicate what could be and was 
achieved at the time, in the first 


GOLF 

BEN WRIGHT 


round of the Memorial Tourna- 
ment at MuirfieJd Village. 
Dublin. Ohio, a course 7,101 
yards long so sodden by heavy 
rain that preferred lies were 
allowed, the first trio took four 
hours and 12 minutes to 
complete their round and the 
last four hours and 15 minutes. 

No one who has walked Jack 
Nicklaus’s pride and joy can 
forget that the distances to be 
climbed uphill between greens 
and tees has been measured at 
a total of one mile and 80 yards. 

There is little doubt that ten- 
nis has enjoyed its boom be- 
cause a round of golf too often 
takes too long to play. And as 
Beman rightly points out. be- 
cause the U.S. PGA tour is 
“ the game's most visible 
organisation” it is hardly sur- 
prising that millions of hackers 
throughout the world with 
Walter Mitty-like dreams con- 
stantly ape the mostly tiresome 
and tedious antics of their pro- 
fessional heroes. 

Ten years ago Neil Hotchkin. 
then president of the English 
Golf Union, so bullied and 
cajoled the competitors in the 
Brabazon Trophy at Hoylakr 
that on the rain-plagued final 
day the fastest of the 23 pairs 
got round in the morning in 
two hours and 46 minutes, the 
slowest in three hours and 26. 
The mean average was three 
hours and two minutes. 

The tragedy of it all was that 
several competitors complained 
bitterly about the over-present 
threat of a two strokes penalty. 


as if by getting round In about 
three hours they deserved the 
medal. What Is perhaps more 
important is that the game’s 
governing bodies the world over 
have not got together before 
now to adopt a uniform policy 
to put right golfs greatest ill. 

My own solution to rhe prob- 
lem at rlub level would be to 
issue tickets to visitors not for 
a round of golf but for a speci- 
fied number of hours — probably 
three. At the end of the 
allotted time the hackers would 
be called in by loud hailer 
rather like they do with rowing 
boats. The order: “ Come in, 
Joe Bloggs and party, your tune 
is up" booming out across the 
course would surely embarrass 
all but those unto the thickest 
skin. 

Alas, there are so many 
pachyderms on the golf courses 
of the world who are incapable 
of realising that the majority 
of golfers, including profes- 
sionals. play better when they 
plav faster. 

But hack to the U.S. PGA 
tour, the fountain of all evil in 
the slow-piay department in , 
America and its counterpart in 
Europe. In 1975 Trim Purtzer, 
whn wa* in the first trio of the 
day. was penalised two strokes 
for taking four hours IS ■ 
minutes, in spite of haring been 
warned at the turn after taking « 
two hours five minutes for his « 
first nine holes in toe Greater 
Hartford Open 

Since the pace of the entire . 
day is set by those first on the } 
course this appears to be a * 
totally justifiable punishment, 
much more so than a chicken- 
feed fine of S200. Unfortunately ; 
since that time 41 or 4J houra 
to play a tournament round has 
insidiously crept in as a - 
disgraceful norm j 


John Barrett reports on a leap forward 

The courts of the future 


FT IS no exaggeration that in 
the past week Britain’s two 
major racquet sports have taken 
a quantum leap forward. The 
opening of the £2m David Lloyd 
Slazenger' Raquets Club at 
Heston.- Middlesex, sets new 
standards of leisure enjoyment 
while the arrival of a national 
championship— sponsored for 
toe next three years to tbe tune 
of £500.000 by Refuge Assur- 
ance— unites club player and 
top professional in real com- 
petition. 

In squash, the unveiling yes- 
terday of Safe-Screen, an all- 
transparent de-monntable court 
that will be used for the first 
time in nest month’s ICI 
Perspex World Masters Cham- 
pionships in Leicester give pro- 
mise at last of sizeable 
audiences surrounding a court 
as well as the possibility of 
some intriguing asties for toe 
television cameras. 

Tennis in this country seems 
finally to be emerging from the 
dark ages. Once you walk 
through toe swing doors past 
the plants at Heston and see the 
11 indoor and nine outdoor 
courts, plus four squash, four 
badminton, two racqnetball and 
two short tennis courts and toe 
small swimming pool, toe 
snooker and pool tables, toe 
gymnasium, the creche, toe well- 
stocked shop, toe two comfort- 
able changing rooms each with 
sauna and whirlpool and toe 
attractive lounge bar/ restaurant 
you koow that it is going to be 
fun to take exercise. 

The . all-wood construction 
provides an invitingly warm 
atmosphere that makes toe 
annual subscription of £90 for 
an individual or £120 for a 


husband and wife, plus £10 per 
child (all plus VAT) seem 
thoroughly reasonable. 

Certainly Mr Neil Mac- 
Farlane. Minister for Sport, 
was greatly impressed when he 
opened the club eight days ago. 
So too are the sports loving 
public. Even before the doors 
opened 1,200 members had 
joined. Already that total has 
grown to 1.800 and there are 
signs that the maximum figure 
of 2,000 will be reached before 
tbe end of toe year. 

With more centres like this 
around the country (the West 
Midlands Tennis Centre in 
Telford will be the next to 
open in April 1983) tennis can 
expect to broaden its appeal. 
The same benefit will follow 
from the establishment of the 
Refuge National Champion- 
ships. 

By starting this season-long 
competition with a postal sec- 
tion open to all-comers in six 
regions in England, Scotland 
and Wales and filtering in the 
nation’s best ranked senior and 
junior players at toe various 
stages that lead to the national 
final (to be held at Telford next 
October) a great sense of unity 
trill be achieved. Certainly 
everyone I have spoken to — 
from Buster Mottram and Sue 
Barker — who doubtless have, 
their eyes on the first prize of 
£7.500 from the prize pool of 
£83.00n — to regular club play, 
era has been enthusiastic. 

. Safe-Screen, designed by 
Campbell. Keith and Partners 
and fabricated by Engineering 
Design and Models of Man- 
chester has five major advan- 
tages. The slender metal col- 
umns at toe corners do not 


obstruct the view: when the in- 
side of the court is brilliantly 
tit and the outside is dark the 
70m opaque ink dote added to > 
the four Perspex walls by G M ' 
Technical Services create one- i 
way vision. Spectators can see t 
in although the far wails appear 
white and all the walls seem 
white to the players: the fully 
sprung maple floor is laid in 
four panels making for quick 
erection. The 64 fluorescent 
tubes provide 2.000 lumens of 
well diffused tight (ample for 
TV and well above ISRF speci- 
fication of 1,200) and the 2 ft 
deep illuminated strip above 
the ceiling provides a natural 
platform for advertisements. 
The gap between walls and illu- 
minated veiling is filled with 
ICrs Melines, a membrane 
with the same one-way vision 
features as the treated Perspex. . 

This court is an advance on 
the Swedish acrylic court that 
was used at Chichester Theatre 
last year and should revolu- 
tionise professional squash. 
While only 200 can comfortably 
watch from behind a single 
glass backed wall court now 
2,600 will have a first class view 
from all sides. Engineer Roland 
Hill of Campbell. Reith believes 
that eventually crowds of up to 
10,000 could be accommodated. 

According to Jonab Barring- 
ton who have been appointed 
by the SR A to coach British 
teams at all levels, toe players 
like the new court. Although 
it is minimally more difficult 
to Bight the ball the bounce 
is unaffected. At toe Granby 
Halls. Leicester, from Novem- ■ 
her 1 to 5 we should be in for 
some great theatre. 


CHESS 

LEONARD 8ARDEN 


Smyslov (both USSR) 6, Browne 
(U.S.), Nunn (England) and 
Portisch (Hungary) 5, Hubner 
(West Germany) and Torre 
(Philippines) 4i, Larsen (Den- 
mark) 21. . 

Karpov' will be specially satis- 
fied to have -at least maintained 
his world rating ahead of 
Kasparov, and to have thor- 


WORLD CHAMPION Anatoly 
Karpov has answered the grow- 
ing challenge from his teenage oughly outplayed four qualifiers 
rival Kasparov by another vie- for next . year's candidates 
tory in a super-tournament matches. John Nunn was corn- 
limited to the top players in 
the world. Karpov won ..first far and did.well to almost hold 
prize in the Interpolis Insur- his own wito the elite. Our 
ance event at Tilburg, Holland, grandmaster's two wins were 
last weekend, with more in both remarkable miniatures in 
hand than his bare half-point which his opponents were lost 
margin would suggest. Scores after only 20 moves, and he was 


were Karpov (USSR) 74 out of 
11. Timman (Holland) 7, An- 
dersson (Sweden) and Sosonko 
(Holland) 6J. Petrosian and 


White: J. Nunn (England). 
Black:' T. Petrosian (USSR). 
Opening: Caro-Kann Defence 
(Tilburg 1982). 

1 P-K4, P-QB3; 2 P-QB4, P- 
Q4- 3 KPxP, PxP; 4 PxP. N- 
RB3; S N-QB3, NxP; 6 N-B3, 
NxN; 7 NPxN, P-KN3; 8 P-Q4, 
B-N2: 9 B-Q3. N-B3: 10 0-0, 
0-0; 11 R-Kl. B-N5 (preferable 
is P-QN3 to keep toe ..two 
bishops); 12 B-K4, R-Bl: 13 
B-KN5, R-KI: 14 R-NL Q-Q2 
pc ting in his strongest event so . (better P-QN3 at once); 15 

P-KR3, BxN; 16 BxB. P-NS; 17 
B-N4! 

Nunn exploits toe inaccur- 
acies by forcing a serious pawn 
weakness. If now 17 . . - P-K3; 

18 P-Q5 ! 

17 . . . P-B4; 18 B-K2, P-KR3; 

19 B-QB1. 

Now Black has to try 19 . . . 


BO B-QN5 White has useful 
bishops on an open board. 

19 . . . K-R2? 20 P-Q5. Re- 
signs ! 

After 30 . . . N-K4: 21 B-QN5. 
Q-N2; 22 BxR, RxB Black could 
still resist in a game at clnb 
level, but in grandmaster chess 
winning with extra material and 
a strong position is simple tech- 
nique. 

White: J. Nunn (England). 
Black: G. Sosonko (Holland). 
Opening: Caro-Kann Defence 
(Tilburg 1982). 

1 P-K4. P-QB3. 


2 P-Q4. P-Q4; 3 P-K5, R-B4 
4 N-QB3. P-K3; 5-P-KN4. B-NS 
6 KN-K2, P-QB4: 7 B-K3, N-QB3 
8 PxP, Q-R5: 9 N-N5. N-R3. 

This was intended as an im- 
Tjrorempp.t over an earlier game 
where Sosonko chose B-K5. 

10 P-KR3. R-Bl; 11 N-N3, 
NxKP: 12 NxRP, RxP; 13 
P-QB3 ! 

Refuting Black’s play; 
Sosonko had only expected toe 
immediate 13 BsR. BxB when 
Black has a strong attack. 

13 . . . N-B5; 14 BxR, BxB; 
15 Q-R4 ch ! 


For some illogical reason The point; now the black king 
grandmasters seem to like play- is toe more exposed. 


the first British player ever to 
defeat “ Iron Tigran " Petrosian 
whose defensive skills used to 
be a byword. 


mg this defence against Nunn 
— il logical because his good 
results against it before toe pre- 
sent games include a fine vic- 
tory over U.S. champion 


P-K3 although after 20 Q-R4 or Seirawan at the interzonal- 


BRIDGE 

e. p. c. corrat 


HAVE ALWAYS maintained 
that the Culbertson Four-Five 
No Trump convention is far 
better than Blackwood, but that 
the majority of bridge players 
pin their faith to Blackwood, 
because — let us face the truth 
— it requires less effort. Which- 


15 . . . K-K2: 16 BxN. Q-B3. 
If 16 . . . PxB: 17 Q-N5 1 

17 0-0, Q-BB; 18 BxQP ! 
Countering Blade’s threatened 

QxN ch. 

18 . . . PxB; 19 QR-K1 ch, 
K-Ql: 20 N-B6 ch ! K-B2 (if 

other when I was playing some suppose East had no Ace— you to stop you from combining fvet' 
years ago at Grockford’s in its would have gone down in five Blackwood and cue-bids. This waiting fnr thoTfSuT 
heyday. Here is the first: 

W E 

♦ 5 • A 10 7 6 2 

OK 3 a 8 3 

OAKQJ10 0 3 

7 6 4 2 

*K7 *AJ94 


wwuiu nave guiie uutru ju dmkmiuuu ojju uuc-wius. taia n ,,t waiting -Fn^ ths - 

diamonds. True, bat to view hand occurred in a teams-o£- eschSL , *«?! St?? 


of the opponents’ silence and four match : 


I shall never forget this 
hand, because immediately after W 
the cut for partners I was * A KQ.S 
called to the phone. • The 
hostess kindly said she would 


the unbalanced nature of my 
hand, that was most unlikely. 
Anyhow, the slight risk had to 
be taken, as my interest was in 
Aces and nothing else. This 
was tailor-made Blackwood 
Now for the second hand: 

E 


W 

* A K Q 10 9 
4 

V A S 7 6 5 

* 4 

* 7 


E 

* J 8 5 3 
o Q 

* A K Q 10 

* A J 8 4 


the exchange and a pawn down, 
with his king still wide open 

to attack. 

POSITION No. 445 
Mariotti v. Smyslov, Leningrad 
1977. 

The position was adjourned 
with Mariotti sealing his next 
move as White/ He has rook 


ever convention you favour, it deal for me. and when I came 
is no good employing it when hack and picked up this nine- 
foe information you can get by card suit. I admit that for a 
this means is insufficient ' for moment I thought it might 
your purposes. have been stacked as a joke. 

One of the disad v antages of But it was genuine. 


With East-West vulnerable, 

my partner, sitting East, opened for knight and three pawns in 
_ * T I the bidding with ope diamond, an unclear position, and while 

v A Q J K » I replied with two spades, and ‘he pondered a reporter asked 

tb-b £ ^ = „ 5 ^ ast rebid three spades — a Smyslov “Who stands better. 

+ KQJ872 +A 10 54 pleasant surprise. My first grandmaster? ” “ It’s a win, but 

Sitting West, with a part problem was. How many Aces ? I don’t know whether for Black 

score of 80. I opened the bid- so I said four no trumps, and or for White." “What do you 

ding with two clubs. East said East replied with five hearts, mean? " “ If Mariotti seals the 

three diamonds, and relaid 4 Mv second problem was. have right move, my game is bad; if 

_ ^ .. _ ^ . ..... . dobs. At this point my you second-round control in he chooses something else. Fll 

Blackwood is that, if the I opened the bidding with- one partner introduced four no hearts? so I said srt hearts, win with my queen’s side 

responder has only one Ace, diamond. ' North . passed, and trumps — this was Misfit Black- With toe sfe implicit pawns." 

the response of five diamonds East replied with one spade, wood. He should not have toe. message was dear, and my Mariotti thought for five min* 

does not indicate which Ace he After South had passed, I sought information, he should partner got the message, and utes . . . and sealed a losing 

holds- For that reaso n toe ex- launched immediate^ into four have given it The right bid was bid seven spades. “ ... - 

pert player on certain hands no trumps. My partner, bless five clubs. This would have Let us sum up. When your 
employe Blackwo od, on others him. said five spades, my seven allowed me to say five hearts, only concern is toe number of 

he discards ft in- favour of cue- no trumps concluded /the aue- over which East could have Aces your partner holds, use 

Wds. tion. and when, dummy jumped to seven clubs. As it Blackwood: when you need 

Let me illustrate what I mean appeared, I foUed my cards, was, the bidding died rather in- further exchance of informa- against any defence (by A. F. 

by two hands which occurred claiming 23 tricks. gloriously in six clubs. tion, you will do better to use Mackenzie). 

-within a few rubbers of each At this point you might say. There is, of course, nothing cue-bids. Solutions Page 18 


move. Can you do better? 
PROBLEM No. 44S . 

white (6 men) 

White mates in two moves, 


FRENCH WINE 


20 


Financial Tones .Sdtard^. October ‘42$: 1982 


FINANCI A L TIMES 

SRACJOl HOUSE,. CANNON STREET, LONDON EC4P 4BY 
Telegrams: Hnantimo. London PS4.Tetex; 5954671 
Telephone: 01-2488000 ' 


Saturday October 23 1982 


The return to 



WE ARE all flexible raonetar- 
now - That, it seems, is the 
autumn leitmotif of speeeh- 

witers on both sides of the 
Atlantic, with Sir Geoffrey 
Howe faithfully echoing the 
words of Mr Paul Volcker, chair- 
man of Federal Reserve. 

Admittedly the market re- 

sponse to the Chancellor’s 
speech at the Mansion House 
on Thursday was less rapturous 
than the boomlet that greeted 
Mr Volcker’s earlier statement 
that the Fed was abandoning 
• its rigid approach to money 

• supply target o'. But Sir Geof- 
frey was simply confirming 

- what the market had known 

■” for some time and spicing his 

remarks with a prediction of 5 
per cent a year inflation by 

“■ spring, 

Anglo-Saxon monetary disci- 

• pline has not, of course, been 

• abandoned. The point is rather 

• that in a world of sharply de- 
dining inflation, flat demand 
and banking crises, rigid, mech- 
anistic comrol of the money sup- 

• ply is increasingly irrelevant. 

Against that background it 
is not hard to rationalise the 
recent jump in the Bow Jones 

• index in the United States to 
. • record heights. Not only has the 

hard monetary pounding 
stopped: but many forecasters 
are convinced that the Reagan 
Administration has changed 
economic course. Its readiness 
to reverse its opposition to tax 

- increases only 10 weeks before 
■ next month's mid-terra elec- 
tions was, in its way. as sym- 
bolic as the Fed’s change of 
heart over monetary policy. 

• Gamble 

Much harder to divine is how 
far the Fed’s move is a direct 
quid pro quo for fiscal tighten- 
ing. But there 2 re some in the 
market who are prepared to 
,, gamble on a continuing high 
budget deficit Removing the 
foot from the monetary brake, 
while the fiscal accelerator is 
still flat on the floor is, they 
— hope, a recipe for recovery 

• from the U.S. economy's pre- 
sent depressed state. 

There is much old-fashioned 
comfort to be derived from the 
notion that the United States 
might now emerge as the world 
economy's spender of last re- 
sort It is hard to see where 
else the recovery is going to 
come from. The pressures for 
reflation elsewhere, notably in 
Japan and potentially Britain 
after a pre-electoral budget next 
year, are not on a sufficient 
scale to do much for the global 
economy. 

Since markets went mone- 
tarist. the balance of payments 
in the leading industrial 
countries has tended to be 
dominated by capital account 
movements. Instead of exchange 
rates adjusting to current 
accounts, current accounts have 
been adjusting to exchange 
rates. In the case of the United 
Stales, the conflict between lax 
fiscal policy and strict money 


supply targe try has contributed 
to high real interest rates. 

This, together with the fact 
chat Ibe Administration has 
been prevented from monetis- 
ing the deficit, means that 
foreigners have financed the 
budget deficit instead; the 
resulting capital inflow 
naturally strengthened the 
dollar. 

It may be that the deteriorat- 
ing U.S. trade balance will now 
exert a stronger influence on 
the dollar than before. The 
recent rise in the U.S. savings 
ratio probably means that 
foreigners will be required to 
finance less of the deficit. The 
much publicised flight into 
quality makes it that much 
easier for the Administration to 
sell its paper. As concern about 
ihe international banking crisis 
diminishes somewhat. the 
attractions of the dollar as a 
hedge are weakening. 

Timing a move out of the 
dollar is on appalling conun- 
drum for fund managers, how- 
ever. and the task is made more 
difficult by competitive interest 
rale cuts around the world 

Emphasis 

A second quirk of exchange 
rates under monetarism has 
been that tight money has 
tended to favour a revival in 
consumer incomes in the coun- 
try concerned at the expense 
of a revival in output. That is 
partly why it is harder to 
generate the same degree of 
enthusiasm for British equities 
as for American ordinary stocks 
for U.S. buyers. 

Britain is a more open 
economy. On the export side 
it is vulnerable to the contra- 
dictory pressures that now grip 
the world economy. It is note- 
worthy' that Mr Gordon Richard- 
son. the Governor of the Bank 
of England, laid heavy emphasis 
in his speech at the Mansion 
House on Thursday on the 
financial problems of the 
developing countries, which 
have seen commodity' prices 
fall to their lowest level since 
the 1930s. Over - indebted 
countries naturally respond to 
their problems by cutting back 
imports — by fair means or foul. 

Suppliers in other countries, 
in the meantime, have benefited 
from an upturn in consumer 
demand in Britain, because the 
overvaluation of the pound 
causes demand to leak into 
imports. 

The recent surge in British 
equities has been selective. But 
there are plenty of people both 
in and out of British industry 
who wonder whether it has been 
selective enough. With the 
Government under-shooting its 
targets for the public sector bor- 
rowing requirement, interest 
rates continuing to fall and in- 
flation forecasts constantly 
being revised downwards, it is 
bard to believe that this week’s 
profit taking in gilt-edged marks 
the end of the game. Equities 
may be another matter. 


A record breaking vintage 


By David Housego in Pails 


R ARELY has there been a 
year like it. From foe 
Champagne region 

through the Loire Valley to 
Burgundy and Bordeaux. 
French winegrowers are 
wreathed in smiles. 

The volume of appellation 
contrOl£e wine — wine produced 
and labelled under strict condi- 
tions as a guarantee of quality 
— is a record. Initial estimates 
are of a harvest tliis year of 
appellation controlce wines of 
18m hectolitres as against 12m 
last year and 16.7m in the pre- 
vious record year of 1979. But 
the quality of wine is certainly 
above that of 1979. 

Mr Stephen Spurrier, the Eng- 
lish wine merchant in Paris 
who is as highly regarded as 
the leading French wine mer- 
chants. says that “it is nearly 
as good as the best vintages 
of the 1970s. What makes it 
unusual is the combination of 
quantity and quality." Though 
these are early days to judge 
just how good it is. Mr Spurrier 
says it is being compared with 
memorable years like 1970. 
1949 and 1947. 

M Jean Michel Courteau. 
director of the Interprofessional 
Committee of Bordeaux wines 
that links merchants and 
growers, is more unrestrained 
in his praise for the full deep 
red wines that Bordeaux has 
produced this year. “A very 
.great vintage," he says, adding 
that some wine growers are 
comparing it with the historic 
1961 vintage. In contrast, 
growers' in the Sautemes 
region, where the grapes are 
picked late, have not fared so 
well because of the October 
rains. 

In Burgundy the growers say 
that the quality of the red wines 
is good but more variable 
because among smaller pro- 
ducers in particular, bat 
weather resulted in excessively 
rapid fermentation. The white 
burgundies are said to be “ very 
good." 

It bag been a year in which 
almost everything that wine- 
growers could have asked of 
the gods this year has come 
about. There was no frost in 
the critical spring months. 
Flowering was almost perfect 
in the first week of May with 
no rain and no rot. June and 
July were warm, and the rain in 
August helped in the Chaxn- 



' Roger ,Tdy/<v. 

So me thing to smile about: Iff Arnould d'Hantefeniiie, Bollinger finance director, in the vineyards which produced the massive 

champagne erop' 


pagne area to fill out the grape. 
Picking began some two weeks 
in advance of the normal date 
and was thus underway in Bor- 
deaux by September 15 for dry 
white wines and September 13 
for red wines. 

With modern techniques of 
nurturing and protecting the 
grape, it is now virtually impos- 
sible to have a repeat of the 
disasterous harvests of 1951, 
1954. 1956, 1953, 1963, 1965 or 
1968. But it is equally impossible 
to guarantee the happy coincid- 
ence of circumstances that 
occurred this year. 

Jubilation has been greatest 
in the Champagne region where 
abundance follows three bad 
harvests. 

As a result stocks had fallen 
dramatically from 575m bottles 
just before the 1978 harvest 
(equivalent to three years 
supply) to 386m bottles in July 
this year (2.6 years' worth of 
supply but at a slower pace 
of release to the market). The 
champagne bouses have been 
holding back their stock so that 
last year only 186m bottles 
were distributed or 10 per cent 


lower Thao in 1980. This year 
some 290m bottles of cham- 
pagne are likely to be made 
enabling stocks to be replen- 
ished to the three, years level. 
Champagne producers consider 
ibis the minimum necessary 
given the lime it takes for the 
wine to mature. 

But not all the grapes picked 
in the Champagne region will 
be turned into wine. Regu- 
lations dating back to 1927 
provide for a maximum output 
(topped up a little this year) 
of 14,300 kilos a hectare. Some 
vineyards have picked 17,000- 
18.000 kilos against a normal 
average of 9,000 and a poor 
4,500 last year. 

In theory the surplus should 
be turned into alcohol or 
vinegar. But the small growers, 
in particular, are anxious to 
avoid this if they can to pro- 
duce more champagne. “ We 
shall never know the exact 1982 
harvest," says-M Claude Tait- 
tinger of one of the most 
famous houses. 

In Burgundy and the Macon 
region the harvest has been 50 
per cent up on a normal year. 


M. Jean-Marie Guillas, director 
of the Interprofessional Com- 
mittee for Burgundy and Macon, 
is stunned himself by the 
abundance. For Instance, the 
average production of Macon 
white wine over the last five 
years has been 106,000 hecto- 
litres (hi) — rising to 130,000 in 
the record year of 1979 and fall- 
ing back to less than 30,000 in 
1980 as a result of frost and 
hail. This year’s harvest is 
between 160.000-170.000. The 
winegrowers of the Macon and 
Burgundy region have already 
set limits on the amount they 
will release to the market They 
will store the rest in their own 
cellars. 

In the Bordeaux, region about 
the same amount of . wine has 
been produced as in 1979 but of 
superior quality and staying 
power. Some 4.5m hi (of which 
3.4m is red) have been pro- 
duced this year as against 3.3m 
(2.5m red) in 19SL Some 15 per 
cent of this year’s harvest will 
be blocked in the cellars by the 
growers. 

Prices still remain a great un- 
certainty. . The champagne 


barons are firmly against any 
drop though champagne prices 
(about FFr 50 a bottle on leav- 
ing tile cellars- and FFr70-80 
sold retail in France) have in- 
creasingly . shifted . people 
towards buying cheaper spark- 
ling wines. “It is unthinkable 
for a honse like ours (to lower 
prices)," says Sf Henri Krug: 

The two main reasons given 
are that the champagne bouses 
have still had to pay tbeenor- 
mous price of FFr 19,30 a kilo 
this year for grapes and that a 
fail in price would push up 
demand to a level that would 
once again threaten stocks. 

The Beaujolais - merchants 
and growers have, already 
announced^ an 8 per- .- cent 
increase: in - 'prices.- for v the 
44 primeur " which will be avail- 
able in -the -next ' month. This 
increase' is ‘ just, .under, the 
French inflation level: but has 
brought down on them accusa- 
tions of being 44 greedy^ They 
believe, however, with- the 
reputation that Beaujolais 
primeur has established par- 
ticularly' in Britain and 


Belfflnm. that buyers will not 
shie away^ ... 

Fine- clarets and burgundies . 
bottled by. the most famous 
, chateaux follow a price curve of 
their Own.' Mr Spurrier says 
..that he has -had several 
enquiries about the price of 
1982 Bordeaux but 44 1 Tell them 
that as yet we have . not the 
least idea." A small amount of 
-Bordeaux has been sold at 8 
per cent above last year's price 
but- winegrowers- and merchants 1 
are dne to meet on November 
22 to. decide the 1932 level for 
basic Bordeaux. Prices of basic 
Borde a ux as sold by the 
growers have been stable -over 
the last three years and M 
Courteau hopes this year that 
the high quality of the wine will 
-offset any softening in price 
because of the volume. 

In. Burgundy prices are ex- 
pected to remain stable . 

The- size of the harvest poses , 
problems of financing stocks. 
In Bordeaux there has been an 
increasing shift: in recent years 
towards winegrowers carrying \ 
the- cost of stocks rather than, 
the stepping bouses because the 
growers can oberin 2-3 per cent 
cheaper interest rates through 
the agricultural bank. Credit 
Agricole. 

But the burden on the mer- 
chant houses stifl. remains enor- 
mous. They currently hold 
some 1.2m hectolitres in stocks : 

‘ in Bordeaux and the Gironde 1 
region. Beyond, this they also 
finance some. .400,000-500,000 
hectolitres ..stall in winegrowers k 
ceflaxs. 

In the Champagne region, the 
merchant bouses need to find 
some FFr 3,5bn to finance this 
year’s purchases.- They say that 
tiie banks have assured them 
of the funds. . } 

To every -silver cloud there 
is a lining. The Cognac region 
has also had an "excellent" ! 
harvest But the cognac growers 
axe up in arms " against the 
Government’s recent-decision to 
impose a special tax oh cognac ■ 
and other Alcohols to help cover 
the deficit, in the French social 
security fund:,. They charge the 
Government with being 44 ths- 
crirainatpry " - hi fixing _ the 
threshold ; level at; 25 per . cent 
alcohol content. 

They call its effect 41 catastro- 
phic.” The Government action 
adds FFr 7 to the FFr, 19 in 
taxes already . imposed on cognac 
in. France. • 


1982 : it seems to be a rare combination of quality and quantity 


FEW COMMENTS on wine 
are more unreliable and mis- 
leading than comparisons 
between the latest vintage and 
any of Us usually far-distant 
predecessors. For the truth 
is that no vintage is closely 
like any other. The weather 
is never Identical, the size of 
the crop will vary, and the 
overall age and make-up of 
the vineyard will change. 

Nevertheless few of ns can 
resist playing the vintage- 
comparison game, although 
the 1982 vintage in France 
is particularly difficult 
because it appears to be both 
very large and of excellent 
quality: a rare combination. 

In Bordeaux at vintage 
time talk was of comparison 


with 1947. an even hotter sum- 
mer than this last one, but 
equally torrid during an early 
vintage. Raoul Blondin, 
maitre de chai at Nouton- 
Rothschlld, who has witnessed 
60 vintages, suggested to me 
that it was like the famous 
1929. Curiously enough, 1 
heard no one compare the 
latest vintages with those 
years high in the clarel canon: 
1945 or 1961— both very small 
crops. The more recent years 
with claims to high quality 
are 1978, 1975 and 1970. 

Burgundy, with its Conti- 
nental climate. Is less generous 
with Its leading vintages than 
Bordeaux. The leading year 
of the 1970s was 1978. 
though 1976 is still some- 


thing of an Unknown quantity. 
Further back, though 1961 
was fine it lacked the calibre 
of the clarets of that year, 
and 1959 is generally regar- 
ded as perhaps the finest 
post-World War Two vintage, 
and can still be very drink- 
able, whereas Its nearest 
rival, 1947, has largely faded. 

But claims can also be 
made for the very fruity 1949, 
as well as the somewhat over- 
looked 1955 and elegant 1953 
as leading years. In the inter- 
war period .1923 was un- 
doubtedly the most esteemed 
Burgundy vintage, followed 
by 1928 and 1934. Among 
white bnrgnndies of the 1970s, 
I would put 1973 first: a re- 
markably fine year, followed 


by 1978 and 197L Earifor, 
1962 was outstanding, and 
1961 came out better in white 
wine than 1959, whose very 
hot summer resulted in a lack 
of the acidity that gives bal- 
ance and longgclivity to a. 
wine. Without being outstand- 
ing both. 1952 and 1953 pro- 
duced excellent white bur- 
gundies. but the classic year 
was 1947, followed in quality 
by 1945. 

The Rhine has been re- 
markably lucky over fine vin- 
tages in the last decade or so, 
and only two or three have 
been disappointing. The clas- 
sic recent year was 1978, pre- 
ceded by 1972, but the Blest 
vintage, particularly for Her- 
mitage, was 196L 


Mainly white wine districts 
like AJsace and most of the 
Loire trudge along a.: more 
even path than the basically 
red areas. The finest year in 
Alsace for avexy Jong. time 
indeed was 1976, and the other - 
outstanding vintage "before 
that was 1959. It would be dif- 
ficult toi pick out an excep- 
tional Loire year, for that 
long valley, and it is perhaps 
somewhat academic to men- 
tion 1947 as a great year for 
the sweet white Loires. 

In Champagne, where an 
extravagantly large but much- 
needed vintage has been made 
this year, they only make, a 
vintage wine when they be- 
lieve it good enough, knd this 
may legally he helped by the 


blending in of the champagne 
of an adjacent vintage; also 
every champagne house might 
have varying views as to Its 
- outstanding successes, b the 
list might well figure 1976. 
197L 1969, 1966; 1961; and 
the great classic years were 
1928 and 192L 

. Perhaps the most encour- 
aging reference for the 1982s, 
whose quality can be much 
better ganged after the winter 
is font of 1947.' as everywhere 
throughout Franee, hi lesser 
as well as leading districts, 
this was probably the out- 
standing year since the last 
War. - ' • 

Edmund 

Penning-RowseD 


Letters to the Editor 


Orchestras 

From Mr Barry Blech 

Sir — Antony Thorncroft’s 
wide-ranging article in last 
Saturday's paper on the finances 
of the four major London 
orchestras (October 16) over- 
looks the financial problems of 
London’s chamber orchestras, 
who make a valuable contribu- 
tion to the capital's music and 
to a wide area outside. 

In many ways the finances of 
concert-giving For these 
orchestras is more critical, in 
that advertising, publicity and 
management costs per concert 
are just as high as for the 
larger orchestras, although 
income from smaller halls is 
that much Itess. 

The London Mozart Players, 
which I founded in 1949, has for 
over 30 years given concerts on 
London's South Bank and 
achieved the highest consistent 
audience attendances of any 
orchestra. That we have been 
successful has not been easy, 
text without the valuable help 
from oar sponsors. BP, which 
today supplements that given 
by the Arts Council and the 
London Orchestral Concert 
.Board, we could no longer 
continue as we have in the past 
Harry Blech, 

70, Leopold Road. 

'Wimbledon, SW19. 

Sick pay 

From Mis s Gillian Leary 

Sir , — I was amazed by the 
comment attributed to the CBFs 
Assistant Director for the West 
Country (October 18), to the 
effect that he was rather taken 
aback by the enormous Interest 
in “this specialised subject” — 
statutory sick nay. 

Can the CBI really be so out 
of touch? This new scheme is 
causing problems, unparalleled 
since Value Added Tax was 
introduced, to companies of 
every size and kind. Our own 
seminars — 12 to date— have all 
been fully subscribed as we had 
anticipated they would be. 
Indeed, we are constantly 
arranging additional seminars 
to cater for the waiting lists. 

There has been such a rush 


to organise seminars and pub- 
lish books on the subject that 
statutory sick pay is one of 
the few growth areas in Britain 
today. The CBI do seem to be 
in a very small minority in not 
recognising its potential! 

Miss G. A. Leary, 

Conferences and Seminars 
Manager, 

Croner Publications, 

Croner House, 

373 Kingston Road. 

Neir Malden. Surrey. 

Bottles 

From Mr C. B. Toners 

Sir, — Your article Two Scotch 
whisky distillers favour French- 
made bottles (October 18) lacks 
the balance one might reason- 
ably expect— a wringing of 
bands at the “bad Press" for 
an En glish industry followed by 
an attractive presentation of 
the competition from France. 

My company specialises in 
manufacturing proprietary 
designs for the wine and spirit 
market as well as the pharma- 
ceutical and laboratory chemi- 
cals industries. We often supply 
these "specials" in lots of as 
little as 15,000. on time too. 
thus halving the much vaunted 
minimum you quote from 
abroad. 

Although all our production 
is of amber glass Gregg and 
Company are specialists in 
white flint, so while your 
article referred to green I would 
very much like to correct the 
misleading impression you give 
of the English glass industry. 

C. H. Towers, 

Lewis and Towers, 

Fircroft Way, 

Eden bridge, Kent 

Salaries 

From Dr H. W. D. Hughes. 

Sir, — I see from your recent 
article (October 18) that the 
best university graduates quali- 
fying as chartered accountants 
are being offered £12.500 per 
year by City merchant banks 
and leading stockbrokers. 

When industy as a whole 
starts paying those kind of 


salaries to the best young 
graduates in engineering and 
technology I shall then fed that 
the country has at least some 
hope of survival. 

Dr H. W. D. Hughes* 

16, Wingfield Road. 

Kingston Upon Thames. Surrey. 


Fundraising 


From Mr J. P. Salter 

Sir, — Your Weekend Brief of 
October 16 describes Mr Roy 
Parker’s admirable search for 
novel ways of raising money for 
cancer research. 

I am sure there must be 
countless small investors who, 
tike me, have a skeleton cup- 
board whose contents we would 
be only too glad to be rid of:' 
j-e. certificates representing 
shareholdings which have so 
diminished in value as to be 
virtually unmarketable — yet 
which would still have values* in 
the £5-£100 range if they could 
somehow be brought together 
in larger holdings. 

J. P. Salter. 

80. Foreland Road, 

Bembridge, 

Isle of Wight. 


Tea blending 

From the Secretary of the 
United Kingdom Tea Association 

Sir, — The art>Je Dissent 
clouds tea pact prospects 
(October 19) contains irrespon- 
sible allegations which are 
totally untrue and potentially 
damaging to reputable distri- 
butors of blended teas and 
teabags. 

It is entirely incorrect to say 
that multinational companies 
have reduced the quality of 
their blends so as to cut prices 
by mixing cheap varieties of 
tea grown in Argentina and 
Turkey with only about 10-15 
per cent of finer Indian or Sri 
Lankan teas. 

No Turkish tea has been 
imported into the UK ' since 
1977 and durtfig 1978-81 Argen- 
tina accounted for less than 
3 per cent of imports. In the 
same period imports from India, 
Sri Lanka and Kenya, the three 
largest producers of better 


quality tea, reached over 60 per 
cent 

In fact, the UK Tea Council 
together with the trade have 
been working Closely together 
in an endeavour to improve 
further the quality of tea sold 
in the United Kingdom in 
recent years. 

J. K. Badcock, 

Tamesis House, 

9 Wopping Lane, El. 

Falklands 

From Mr John Balter White 

Sir,— It is curious that in all 
. the discussions there have been 
regarding the future of com- 
munications— especially by air 
—with the Falklnd Islands and 
South Georgia, no mention 
seems to have been made of 
Tristan da Cunha. Could, not 
the island provide a link in 
the United Kingdom-Ascension 
Island-Falklands chain? 

And what about St Helena, 
once an important station on 
the sea route to India and the 
Far East?. Could it not become 
a link in a second chain to the 
Falklands, via one of the West 
African Common wealth- coun- 
tries. several of which have 
modern airports? So far as 
maritime communications are 
concerned Tristan da Cunha 
has a harbour of comparatively 
recent construction while St 
Helena has a large and safe 
anchorage. 

John Baker White. 

Street End Place, 

Street End, 

Canterbury, Kent 

Business studies 

From Mr Ago Odukoya. 

Sir, — In a recent letter 
(September 29), Mr Tim Bath- 
bone MP wondered why there 
is no established business 
course for trade union leaders. 

There is in fact such a course. 
The London School of 
Economics has for many years 
run a successful course in 
Trade Union Studies, “primarily 
intended for persons taking up 
responsible work in trade 
union organisations . . * 

As the school’s recent 
calendar proclaims, it provides 


. a training in the social 
sciences with special reference 
to the development of trade 
unionism. Problems of human 
relations, the social organisa- 
tion of industry; industrial 
relations in overseas territories 
and the work of international 
organisations are covered in a 
series of lectures and classes.” 

The course is of one year’s 
duration. 

Ayo Odukoya. 

126, Haworth Road, SE2. 

Unions 

From Dr Rodney Dobson, 
Thames Polytechnic 

Sir,— The answer to London 
Business School’s problem 
(Letters, October 29) is to 
adapt to the needs of potential 
clients. If the boardroom feels 
the urge to update its business 
skills, then by all means design 
tailor-made courses for com- 
panies. 

Likewise, if trade unions 
identify a need for effective 
negotiators, let Prof Anthony 
Ecdes swallow his predisposi- 
tions and design equally good 
courses in bargaining technique. 

Should trade union students 
incidentally learn more of the 
realities of business — as they 
will if the courses are educa- 
tionally worthwhile — so much 
the better, and a market might 
even be found on the manage- 
ment ride. 

Rodney Dobson, 

Institute of Industrial Relations, 
Riverside House, SE18. 

Tax laws 

From Mr Michael Evans 

Sir , — While the Government 
has made strong efforts to 
reduce foe amount of tax, no 
inroad at all has been made on 
the complexity of the tax 
legislation. 

The socialist governments of 
-Mr Attlee and Sir Harold 
Wilson tried to prevent the 
accumulation of wealth, by 
individuals. We are still 
enmeshed in the network of 
taxes which they 'imposed for ' 
this purpose, particularly by 
the Finance Act 1965. 

Outride the minority world 


of the far Left, this policy has, 
fortunately, bad its day, and 
is generally discredited — 
except it seems in the instinc- 
tive reactions' of those who 
draft tax laws. 

Some entrepreneurs build up 
businesses and work in them 
for the rest of their lives. 
Others prefer to get the thing 
off the ground and seli it as a 
going concern. 

Both types of entrepreneurs 
are vitally Important to this 
country yet we still have tax 
laws designed to deprive them 
of the wealth which they 
create. Attempts to counteract 
this penal taxation led profes- 
sional . advisers to devise 
schemes for so structuring 
commercial or investment ven- 
tures that minimum tax was 
payable. The officials reacted 
against this and the anti- 
avoidance provisions in Fin- 
ance Acts became ever more 
complicated. 

The whole thing has gone 
much too far. .As one -reads 
each successive Finance Bill, 
the overwhelming impression 
comes across that it has been- 
drafted first and foremost with 
an eye to keeping the tax- 
avoiders out Far more thought 
seems to be given, to this than 
to the interests of the ordinary 
taxpayer, who does not want to 
pay expensive advisers to help 
him find loopholes, but does 
want to develop his business 
without paying excessive taxes, 
and to keep open the option 
of selling on what he has built 

The Government recognises 
the desperate need of tide 
country to encourage enterprise 
ing people to set up small busi- 
nesses, and small businesses 
to grow into large ones. Does Lt 
really matter if some people, 
by doing this, actually get 
rich? 

We need a fiscal Think-Tank, 
to look at the whole structure 
of our tax laws, at-thelr com- 
plexity, and at the continuing 
disincentive which they apply 
to initiative and to the creation 
or expansion of busineses . 
both small and large. 

Michael Evans. ’ • ' - 

22th Floor , Moor Hxnie t 
London Wall, EC2. ' 



“Wotft you jointne in helping 
Barnardo's bri ng children like Billy 
the love and care they need?” 
says Bolf Harris. 


3-year-old BBfcr attends -dne of 
oiir special day care centres Tor 
children at risk. As little'- as. 
£1 could help hhh. 

When be first came to us, he 
was so withdrawn, he just 
stared at the floor mid didn’t 


His mother was suffering' from 
such severe .depression that 
she . hardly ever spoke to him 
and. sever let him play. 1 

Luckily Barnardo's were ’.there 
to help. We sot only run day 
care centres .for Children like 
Billy, wo also offer support to 
their parents. 

If you .. saw BDly today— 
laughing and -chatting with all 
his new friends— y ora wouldn’t 
recognise foe'; bewildered and 
frightened little' boy who; came, 
to us a few' months ago!; ' 

It takes &: great deal of money 
-to. set up and; run one of cmr 
-day . care- centres— yet without 
them children like. Billy em 


so easily grow up disturbed 
and delinquent.- - 
£50 buys a climbing frame, £10 
buys, a set of learning games, 
£2 buys a set of. paints or a 
cuddly toy.' - 

. Every £1 helps. And it helps 
even more if you make regular 
- payments by Deed o£ Covenant 
(details on request), that 'way 
we can claim back tax, so every 
£L you sendis worth £1.43 to 
us. 

Please rend what you can 
.today fo Rolf Harris, c/o Dr 
Barnardo's, Room No. 4S3, 
-Tanners - Lane, Barkings! de, 
Bford, Essex, IG6 1QG. If you 
prefer to donate by Credit 
Card, please -’phone Teledata 
-On fllr -200 . 6200, quoting your 
card -number and . Barnardo's 
Room Number 493. - . 
Chants. Registration • No. 
216250.- 


& J 


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JF^aBCial Times Saturday October 23 1982 


S m - * . ’ - “ ■ 


Richard Lambert takes a critical look at an exuberant two months in the New York stock market 


21 




WALL STREET is in the early 
nraztho of a major buH. market. 
That, at least, is the view of a 
largo number of US. invest- 
ment booses — - and on© which 
they are backing with big 
money. Share prices in New 
York hawezte&uby a third since 
mid-August, and the investment 
community is babbling in 
anticipation of snore gains to 
come. 

The mood has - changed 
dramatically since the end of 
July, when the Dow Jones In- 
dustrial Average was sinking 
below 800 and several big brok- 
ing firms were gloomily predict- 
ing- a slide down to 750. Wall 
Street's exuberance also con- 
trasts strongly with the state of 
the ILS- economy, which 
remains very depressed. The 
world looks a lot different from 
Peoria, Uliuois. 

* There are half a dozen 
strands to the bulls’ argument, 
■and they are MI linked to the 
fan an inflation and interest 
rates. The two big surges in 
share prices since the late 
summer can each be linked to 
specific events. The first was a 
speech on August 17 by Dr 
Henry Kaufman, the widely 
followed economist, who crystal- 
lised the view that interest rates 
were not, after all, going to be 
forced higher during: the latter 
part of 1982 by the weight of 
the U.S. Government's borrow- 
ing needs. 

The second was a meeting of 
the Federal Open Market Com- 
mittee on October 5. Its decision, 
which (most unusiiafity) was im- 
mediateiy leaked to the press, 
was that the monetary authori- 
ties were not going to stand in 
the way of the move to lower 
interest rates by slavishly 
adhering to rigid monetary 
targets. 

Both these developments 
triggered something close to 
panic Among the big investing 
institutions, which only a little 


hardly a bear in sight 


while earlier . had. been con- 
gratulating themselves on build- 
mg up their cash holdings in a 
nailing market Buyers 
stampeded into, equities, and 
the Dow jumped by over IOO 
points within a matter of days 
after each of the two events. 

The fashionable story on Wall 
Street now goes something Ufei? 
this. The fall in interest rates 
has transformed the relation- 
ship between equities and other 
financial assets. In June, when 
three-month Treasury Bills 
were yielding over 13 pec cent, 
it seemed to make no sense to 
-buy equities yielding only about 
7 per cent— especially at a time 
when the prospect for dividend 
growth looked extremely bleak. 
The economy was weakening 
visibly, and corporate- profits 
were dropping like a stone. 

Today,. Treasury Bills yield 
only about 7J per cent, while 
the dividend return on the Dow 
is still nearly 5J per cent More- 
over, the scope for economic 
growth in the latter part of 
1983 has . been . significantly 
- improved by the fall in interest 
ra tea Until- ^recently, the 
general view /had been that a 
sputtering ■ economic recovery 
would be stopped in its tracks 
in the first half of next year by 
tight credit conditions. But now 
the bulls are talking about rises 
of 4c or 5 per cent in gross 
national product in the UB. 
during the final quarters of 
1983. 

This could be translated into 
something much bigger in terms 
of corporate -profits, thanks to a 
steep fall in finance costs and 
the fact that companies have 
been cutting deeply into their 
overheads inthe past year or two. 
For these reasons, Goldman 
Sachs, an influential investment 
house, has in the past fortnight 
doubled its estimate of cor- 
porate profits growth' next year 
from 15 to 30 per cent. This is 
well on the high side of Wall 
Street forecasts: First Boston, 


.-ROTM-IMM# 



400 


300. 


200 


* 


HOW WALL STREET 
HAS MOVED 



DOW JONES 
INDUSTRIAL 
AVERAGE • 


'82 


■M 


'88 


'*70. 


*72. 


*7B 



JSTED FOR 


INFLATION 




My 


TOO 

800 


500 


300 


200 


for instance. Is still .thlkmg 
about a 10 per cent rise'fu after- 
tax profits nest year. Bux the 
big number is a possibility that 
the in v e sting institutions find 
difficult to ignore. 

Moreover, say the optimists, 
this recovery is not going to be 
just another flash in the pan. 
They claim that there has been 
a fundamental change in the 
inflationary climate, and one 
which is not simply going to 
disappear at the first sign of 
economic recovery. 

Whether or not this, is true, 
the long-term bond market is 
certainly telling a most unusual 
Story. At the end of June, the 
bellwether 14 per cent stock of 
2011 was priced just below par 
and thus yielding a little over 
14 per cent Today the yield is 
under 11 per cent and the price 
is around 127 — the kind of gajn 
that would have seemed unbe- 
lievable only a few years age* 


This shows there is po . _ 
backing for the view put by 
.Paul Vtdcker, chairman of 
Federal Reserve Board, 
group of top busanessaivy 
Virginia' earlier this montijf . 

“ There ds growing evidence,” 


; The fashion- for collectibles 
was killed when the rate of in- 
flation fell and money costs re- 
mained high, making it impos- 
sibly expensive to hold a lot of 
non-income producing assets. 
Now, money costs have dropped 


*««« AWTT i UflAUCJT W9lO JMVC iatipjJtiU 

he said, “ that the inflationary sharply, too. So long as the rate 


momentum has been broken. In- 
deed, with appropriate £>oiicies, 
the prospects appear good for 
con tinuing moderation of infla- 
tion in the months: and years 
ahead.” / f' 

This hope leads directly to the 
core of the bulls’ argument. The 
markets, they saa are seeing a 
major shift of investment de- 
mand away from tangible assets 
and in favour of financial assets. 
For ten years/and more, infla- 
tion made it 
resources i 
bonds Into htihses. antiques, pre- 
cious metifls— anything that 
was desirable and available 
only in limited quantities. 


' J V„Vv 1+2*02 



of inflation is falling, long-term 
bonds and equities will look 
more attractive than they have 
done for years. 

How widely is this view 
already discounted in share 
prices? It is hard to find a bear 
among the broking houses, and 
even poor Joe Granville (of 
“sell everything” fame) has re- 
treated into silence to lick his 
wounds. 

However, the mood is not 

ible to shift overwhelmingly bullish. By all 
equities and accounts, the public has only 
recently started to play a part 
in the market upsurge, which 
has so far been dominated by 
institutional buyers. Even they 


Martyn Barites 

are keeping a fair amount of 
liquidity on the sidelines. The 
pension funds' cash holdings 
are said to represent as much 
as 12 per cent of their equity 
portfolios, and there is still au 
enormous volume of cash parked 
in the money market funds. 

Moreover, although the buy- 
ing has spread across all sectors 
of the market It has not 
been indiscriminate. Steel 
makers and the capital goods 
companies, which still face a 
very hard road, have been left 
well behind in the rally. 
Investors have placed a 
premium on high quality com- 
panies. like IBM, General 
Electric and Eastman Kodak, 
on groups which are close to 
the consumer, like Sears Roe- 
buck, and on others which will 
benefit directly from the turn- 
round in the financial markets, 
such as American Express. 

Meanwhile the price-earnings 


ratio on the Dow stands at about 
12} on the basis of eanrings in 
the 13 months to June. That is 
high by recent standards, but 
would be by no means excessive 
if companies were indeed on the 
verge of a sustained increase in 
inflatioiFadjusted earnings. 

The obvious question is why 
this promised land has only 
become visible in the last couple 
of months. After all, the fall 
in inflation — now running at an 
animal rate of 6 per cent or less 
— started a long time ago, and 
money market rates were drop- 
ping all the way through July 
when equity investors were at 
their gloomiest. The explana- 
tions indicate a number of 
chinks in the bull's armour. 

One of Wall Street's big con- 
cerns back in the summer was 
that U.S. fiscal policy could be 
running out of control as a 
result of the bizarre antics of 
the Reagan Administration and 
Congress. This fear has subsided 
since the two sides finally 
agreed on a budget compromise 
— but it could re-emerge if the 
President takes a beating in 
next month's elections. 

Another big worry was that 
the U.S. financial system was in. 
real danger of a collapse. August 
12 marked not only the low for 
the Dow but was also the day 
on which Lombard-Wall became 
the third government securities 
dealer to go under in the space 
of a few months. Here again 
the mood is now much calmer 
— thanks in good measure to the 
fall in the cost of money. But 
another Penn Square collapse 
or a flare-up in South America 
cannot be ruled ouL 

Most important of all, per- 
haps, is Wall Street’s perception 
of the Federal Reserve Board. 
The rise in. long-term bond 
prices is an enormous tribute to 
the standing of Mr Volcker. who 
has shown thait it is possible to 
ease the monetary brake without 
going straight into a crash — 
provided that the markets 
believe you are still in control 


CHIEF PRICE 1 
CHANGES | 

The Dow Jones Industrial 

Average 

between August 12 and October 20. 

Top Five 


t American Express 

+*3% 

2 Sean Roebuck 

+49% 

3 Woolworth 

•4-48% 

4 Minnesota M and M 

-r45% 

5 Westinghouse El 

t37% 

Bottom Five 


1 International Harvester 

-r 3% 

2 Aluminium Co. 

-rlO% 

3 Allied Corp 

+w% 

4 U.S. Steel 

-rl6% 

5 Bethlehem Steel 

+19% 


Disney’s 

latest 

fantasy 

The complete kit for visitors 
to Walt Disney’s Epcot Centre, 
which has blossomed in the 
marshy heartlands of Florida, 
might include a pair of stout 
walking shoes and a good book. 
The shoes are essential since 
this JSOOru sister of the nearby 
Disney Magic Kingdom is a vast 
development of pavillions and 
attractions, and the book useful 
for the long queues which have 
in the past few days been a 
feature of some of the exhibits. 

In what is almost certainly the 
biggest ever private building 
project in the world, and each 
building packed with electronic 
wizardry, it was certain that 
there would be one or two teeth- 
ing problems. "We have some 
of the most sophisticated com- 
puters In the world here,” said 
one Disney executive. “It will 
take us a day or two to get them 
Io talk to each other properly." 

The result of the transis- 
torised communications gap has 
been frequent breakdowns in 
the spectacular all-electronics 
shows. That, plus attendances 
of 20,000 a day against the fore- 


Glyn Genin 

Celebrating the opening of the British village at Disney's Epcot centre are Mr Jack Leadianm (chairman, 
Bass Export), Mr Don Tatum (chairman Wart Disney Productions executive committee) and Mr Ernest 
Saunders (Guinness and Son group managing director) outside the Rose and Crown 


cast first month total of 10,000, 
has caused difficulties. Few 
people seem -to think the prob- 
lems win' last long. Disney’s 
stall at moving people is legen- 
dary and, by the time the high 
season crowds start coming in 
December everything should be 
running smoothly. 

Epcot Centre is awe-inspiring 
rather than just impressive. 
Walt's original concept of the 
Experimental Prototype Com- 
munity of the Future may have 
been lost over the years but 
there is no doubt it is worth 
the trip. 

Surprisingly It is not the tech- 
nology of the huge pavillions 
sponsored by General Motors, 
Exxon- or Kodak which leave 
the greatest impression, but the 
national centres which are 
grouped around a huge man- 
made lake. There ‘the Disney 
“Imagineers” have come into 


their Hollywood own- with re- 
markable Mexican pyramids, 
Chinese pagodas, Italian squares 
and an English country village. 

Many of the staff ' in these 
places are from the countries 
themselves, and for many of 
them the introduction to the 
fierce discipline of Disney has 
come as something of a shock. 
There are amusing tales told 
of the reactions of French chefs 
and Italian waiters to the Dis- 
ney school of the “ have a nice 
day 11 approach to the public. So 
fax the British youngsters seem 
to have settled down well, even 
if they are a littie shocked by 
the six-day week they are asked 
to put in. Only one girl has 
dropped out, kicking hard 
against Disney regulations after 
one week of them. 

Among those who seem to 
have no doubts about the whole 
thing so far are the British 


commercial participants 

Although Selfridges and the 
British Tourist Authority were 
among those who were first in- 
volved in talks with Disney it 
was Bass, Guinness, Pringle knit- 
wear and Royal Boulton who 
finally sealed deals which gave 
Disney a sizeable slice of sales 
revenue in return for their out- 
lets. Guinness now reckons that 
the Disney British pub sells 
more of its dark brew than al- 
most any other bar in the world, 
and whatever doubts Bass had 
about the involvement have 
been washed aside by the gal- 
lons of ale that have had to be 
rushed in (it is served chilled 
to suit local tastes). 

But even here that book would 
come in useful. “This must 
be the only pub in the world 
that you have to queue to get 
into,” said one British visitor 
thirstily under the Florida sun. 


Another 
Nobel for 
Cambridge 

Cambridge has virtually 
cornered the market in Nobel 
Prize* for one scientific tech- 
nique, the ability to peer deeper 
and deeper into ever more com- 
plex substances. The latest, 
awarded this week to the emi- 
nent but largely unsung Cam- 
bridge scientist, Aaron Klug, off 
is for peering right inside a 
living cell, to watch how the 
wheels go round, so to speak- 
The tradition began with the 
■work of the Braggs, father and. 
son. at the Cavendish Labora- 
tory, in Cambridge early this 
century. They shared the Nobel 
Prize far physics in 1915— sou 
William was only 25— for their 
invention of X-ray diffraction. 
This is a microscope which uses 
X-rays — shorter and so much 
more penetrating than light rays 


— to enter a crystal and Illumin- 
ate its arrangement of atoms. 

In 1962, Max Perutzaud John 
Kendrew of the Medical Re- 
search Council's Laboratory of 
Molecular Biology in Cambridge 
shared the Nobel Prize for 
chemistry. They had shown how 
X-ray diffraction could he used 
to look at “living crystals.” They 
had revealed the crysiat struc- 
ture of a protein called 1 myo- 
globin. found in muscles. ; 

This year, Aaron Klug of the 
same laboratory— which Perutz 
was directing until he retired 
recently — has won the chemis- 
try prize outright He has mar- 
ried two methods of microscopy 
to create a new way of .looking 
at the smallesr particles of liv- 
ing matter without damaging 
them. 

In this way he can watch, in 
3-D. the “building blocks" of 
life joining together into pat- 
terns that prove to be alive. One 
day his microscope mhy show us 
why. 

His technique is to combine 
the electron microscope— one 
that uses electrons instead of 
light rays — and X-ray diffrac- 


tion. Electron microscopy will 
give a two-dimensional picture 
of living fragments. But it 
suffers from such handicaps as 
poor contrast, because the mole- 
cules of life are mainly made of 
lightweight atoms such as hydro- 
gen, carbon and nitrogen. If the 
scientist tries to improve con- 
trast fay longer exposures, he 
kills off his specimen through 
. radiation damage. 

But Dr Klug discovered that 
the information He wanted was 
hidden in his poor-contrast pic- 
tures. He Invented a method of 
‘■image enhancement" — a math- 
ematical manipulation of his 
pictures which highlights the in- 
formation on crystal structure. 
In this way. he found he could 
produce high-quality pictures 
with very low exposures to radi- 
ation. 

They were still two-dimen- 
sional pictures. But he went on 
to show that, by blending views 
taken from several directions — 
again by computer — be could re- 
construct a 3-D image of his liv- 
ing molecules. 

The Klug technique is called 
crystallographic electron micro- 


scopy. His team has been 
producing its computer-painted 
pictures of living crystals since 
the late-1960s. 

Dr King, born in Johannes- 
burg, took his PhD at Cam- 
bridge. Then, after working in 
London, be returned to Cam- 
bridge in a most propitious year 
for molecular biology in that 
town. 

In 1962, Perutz and Kendrew 
were not the only new Cam- 
bridge Nobel laureates. Francis 
Crick and James Watson shared 
the Nobel prize for medicine 
with Maurice Wilkins in Lon- 
don, for postulating the 
double-helix arrangement of 
molecules in the living cell's 
genetic template. As an Ameri- 
can scientist later described it, 
slightly sardonically, this was 
“the mighty symbol that has 
replaced the cross as the signa- 
ture of the biological analpha- 
bet” 

Ironically, 30 years after it 
was first postulated and 
although we now know it is a 
right-handed helix, no-one has 
yet seen a double-helix, even 
with Dr King’s microscope,. 


Tarmac’s 
5,000 year old 

site plan 


day last December Tarmac 
•d archaeologist Francis 
r a hydraulic excavator and 
x. The purpose of the 
:r brutal excavation method 
io find out quickly whether 
•uriurc revealed by aerial 
j graphy on a Tarmac gravel 
ry at Maxcj’. near Peter* 
jgh, was important enough 
sunt a rescue “ dig ” before 
>1 extraction destroyed it 
rst there was the dis- 


appointment of a few common 
or garden Roman and Iron Age 
shards of pottery. But then the 
mechanical digger turned up a 
distinctive piece of. pottery 
from the middle N-»hthic A £ e 
and, more importantly, a two- 

foot thick waterlogged deposit 
where twigs, leaves, wooden 
artifacts and animal bones had 
been preserved for around 5,000 
years. 

While the Masey. ate will 
never excite the public imagina- 
tion like the preservation of the 
Mary Rose. Mr Pryor says: “In 
terms of British prehistory it is 
one u£ die must important sites 
excavated this century.’ ' 

For under a protective layer 
of day the waterlogged deposits 
of the “causewayed camp’’ have 
preserved the sort of evidence 


which should allow archaeo- 
logists to buffd up a dearer 
picture of life 5.000 years ago. 
As well as polished stone axes 
at Maxey a complete l&'inch 
axe handle has survived with 
some trace of the lashings. 

“ If& very very rare indeed 
to have a complete length of 
axe handle— all you usually get 
is the business end,” says Pryor, 
a member of the Cambridge- 
shire Archaeological Committee 
who is leading the escalation. 

“It is extremely exciting to 
be able to hold in your bands 
items that are just as they were 
when they were buried 5,000 
years ago. Even insects, seeds 
and pollen — everything is pre- 
served," Mr Pryor said 

From the chips of wood pre- 
served in the deposits the 


archaeologists hope to learn 
more about woodworking tech- 
niques in the Neolithic «ge. 

Tarmac, a company well used 
to the ways of archaeologists, 
has said excavation of the site, 
when it resumes after the 
winter, can continue until next 
September. Previous digs at the 
Mksey quarry have uncovered a 
Roman settlement, an Iron A°e 
farm and the remains of a 
mammoth. 


Contributors: 
Arthur Sandies. 
David Fishlocfc 
Raymond Snoddy 


MONDAY: Bricks and cement 
production for third quarter. 
EEC Foreign Ministers start two- 
day meeting in Luxembourg. 
European Parliament session 
opens. Strasbourg (to October 
29). . EEC Fisheries Ministers 
start two-day meeting, Luxem- 
bourg. EEC Justice Council 
meets in Luxembourg. Treasury 
and Civil Service Select Com- 
mittee examines international 
monetary arrangements with Dr 
Otmar Emminger and Mr T. 
Padoa-Schieppa of the EEC Com- 
mission. Women of the Year 
lunch. Savoy Hotel. 

TUESDAY: October provisional 
figures for unemployment and. 
unfilled vacancies. Uk trade 


Economic Diary 


figures for September, including 
export figures for August 1981 
(delayed by Civil Service indus- 
trial action). Mrs Margaret 
.Thatcher meets Mr Pierre 
Werner, Prime Minister of 
Luxembourg, in London. Institute 
of Directors publishes 1982 
Directors' Salaries Survey. 
ASTMS statement on economic 
quarterly review. Mr Norman 
Siddall, NCB chairman, addresses 
coal board staff, Newcastle. EEC 
Standing Committee on Employ- 
ment meets in Brussels. EEC 
Economic and Social Committee 
plenary session opens in Brussels 


(to October 28). 

WEDNESDAY: Overseas travel 
and tourism statistics for August. 
New vehicle registrations for 
September. TUC general council 
mee ts, London. 

THURSDAY: Energy trends. 
September final figures for un- 
employment and unfilled 
vacancies. Employment in the 
production industries during 
August Overtime and short-time 
working in manufacturing 
industries in August Stoppages 
of work due to industrial dis- 
putes in September. Quarterly 
estimates .of employees' in 


of the vehicle. Earlier this year, 
it was popular to suggest that 
any sign of easing by the Fed 
would actually lead to higher 
interest rales, because it would 
be assumed that the battle 
against inflation had been 
abandoned. In fact the reverse 
had been true. 

But Mr Volcker is still driving 
down a very narrow Toad. On 
one side Ires the threat of a 
seriously stretched international 
financial system. and a very 
wobbly world economy.. On the 
other is the fear that an. over- 
accommodating monetary policy 
could soon rekindle the infla- 
tionary fires. Any sign that the 
Fed was veering off course in 
either direction would lead 'a 
a major set back on Wall Street. 

Things to watch out for in 
the coming months include the 
price of gold and movements in 
long-term bonds. These should 
give an early warning of any 
change in the inflationary psv- . 
chology at a time when the 
weekly money supply figures are 
for various technical reasons 
likely to be even more mislead- 
ing than usual. It is not just 
Wall Street investors who 
should be praying that the Fed 
can. get it right. 


employment during second 
quarter. Polling in Birmingham 
Northfield and Peckham by- 
elections. NUM ballot on pay- 
offer. Mrs Margaret Thatcher 
meets Mr Helmut Kohl, West 
German Chancellor, in Bonn, for 
two days of talks. Spanish 
general election. Great Western 
Beer Festival at Bristol (to 
October 31). CBI Industrial 
Trends Survey for October. 
FRIDAY: September final figures 
for car and commercial vehicle 
production. Ford pay talks. Sir 
Geoffrey Howe, Chancellor of the 
Exchequer, speaks at Manchester 
Chamber of Commerce annual 
dinner. Mrs Margaret Thatcher 
visits West Berlin. 


4 




r /l/kanuflUfe 

The Manufacturers Life Insurance Group 

A worldwide 
investment 
for g rowth. 


The ManuLife International Growth Unit Trust 

First offer of units. 


For investors who axe interested in capital growth, 
ManuLife offer their International Growth Unit Trust — which 
ai m s fo r long-term capital growth. 

Investment objective. 

The trust deed pennies the fund to invest in stocks and 
pare s throughout the world. The fired can invest in the UK 
but it is anticipated the bulk of investment will be elsewhere. 
The ami of the fund is Iang-tenn capital growth. It is intended 
to achieve this objective through active management. The 
income of the fund (which will be reinvested) will not be an 
important consideration and is likely to be minimal. 

Accumulation Units to make 
your investment grow. 

The fired does not distribute income as the net income is 

reinvested to increase the value of the units. 

The fired is exempt from capital gains tax and the 
estimated gross commencing yield is 1*59% per annum. 

Ton should remember that prices of units and the income 
from them can go down as well as up. 

ManuLife-an international giant. 

The Manufacturers Life Insurance Company is the 
second largest Canadian mutual insurance company with 
assets of over £3,000 million. It has been operating in the UK 
since 1925. ManuLife Mangemenc Limited is a wholly-owned 
subsidiary concerned with unit trust management. 


Further particulars. 


AppBcuioiK will not be acknowledged 
znd certificates will be sent within 28 days. 

Af«r Uw dose of the fixed prks offer 
units can be purchased « the offer prfce 
prenaUng <m the Friday faUawmg flu* 
receipt oCyotir application. 

Unit priccsand other derails will be 
quoted daSy la the Fiancal Times and 
other asooMlnew^apcrs. If yon wish to 
adl jour unite, the monger nrffl purchase 
them u ratios than the mmomnn bid 
price on the rig ling day following the 
receipt of year mgruaioas- Payment will 
normally be made within fourteen day* of 
fittjeeeqitofyBurmaounrrd certificate. 

The djsmbmkmdatc is iSdiJnms. 
Aficr ibis date nivcstiKS triS receive a 

iTartrar nr storing the am ou nt of aet 
income reinvested and the azmusz of noc 
deducted at tbc basic talc. Unit holder* 
will be assessed where appbcablcfor higher 
rates of income ux. 


The mot deed permits a maximum 
initial charge of 6% but currently the 
manager charges only 3 \Wm which is 
included in the offer price. There is also a 
charge of p-a. (.plus VAT5 of ihe value 

of the fund deducted from iheTrust's 
gross income, although the Trust Deed 
penni ti a nuxmmm charge of 2*i p j. 
(plus VAT). Remuneration is paid io 
qualified intermediaries and cates are 

•nibble oa request. 

TheTrnsr is an authorised unit mist, 
and units qualify as a wider-raage 
investment under the Trustee In v es tmen t 
Act, 1961. 

T raster: Lloyds Bank Pic, Manager: 
ManuLife Management Limited, 
ManuLife House, Sr. George's Way, 
Stevenage, Herts., SGI IHF. Telephone 
Stevenage $8101. Registered in 
■No. 1170953. Member of the Unit That 
AxSOQBtioBU 

This adw tisem eutis bawd oa the 
Company’s Understanding of current 
kg sbrion an d I nland Revenue practice. 
October 1982. 


Proven investment success. 

The ManuLife International Investment Office in 
London manages over £350 million throughout the world. The 
skill of its investment managers made the ManuLife Gilt and 
Fixed Interest Unit Trust the top-performing unit trust over 
the period 1st January to 1st September 1982. Also, three out 
of six ManuLife unit-linked insurance funds were among the 
top- five funds of their kind over the three years and four years 
to September 1982, (Figures from Money Management.) The 
same team will manage the new unit trust. 

Benefits for higher rate taxpayers. 

Although the new fund is suitable for any investor who 
does not need to draw income, it is especially advantageous for 
those paying higher rate tax or investment income surcharge. 
The profits of the fund should be mainl y in the form of capital 
growth rather than income. 

Fixed-price offer until 12th November. 

The opening offer of units at the fixed price of 50p applies 
only until 12th November 1982. You can invest from £100 
upwards now by completing the coupon and sending it with 
your cheque. 

-/ManuflLife — 

The Manufacturers Life Insurance Group 

Application for ManuLife International Growth Units. 

To: ManuLife Management Limited, ManuLife House, 

Sr. George’s Way, Stevenage, Herrs., SGI 1HP. 

Rcgistctcd in EagStad No. I] 7095 J at tbeabtxt addnu. 

I/We wish to invest 1 £ 


r 

I 

I 

I 

I 

I 

I 

I 

I 


in Manu L i f e International Growth Units at the fiverj price of 
5 Op. per unit. Minimum investment £100. 

I/We enclose a remittance payable to ManuLife 
Management t Limited 

Tick box for details of Manulife’s unit-linked life insurance 
contracts □ 

Tick box for details of other ManuLife unit Trusts □ 
Surname ■•.Mr/MrsJMii'rt 
First Name/ s) in lull 
Address 


// We declare dm I ani/uie are over IS. 
Signatures)* 


Fnnoa 


* (Joint applicants must all sign and attach nanus ami addresses xparady)' 
Offer not available to resident* of the Republic of Ireland. 


V 






22 


- Financial *' Tih^^i&birtagp' OicfcqbeE .23.;- 1982 


and Markets 


COMPANY NEWS 


Eastern 
Produce 
lifted 
to £ 1 . 1 6 m 

TOE-TAX PROFITS of Eastern 
Produce {Holdings) advanced 
from £525,000 10 £1.16m in the 
six months in June 30. 1952. nn 
turnover boosted from £ 10 . 37m 
to £17.6Sm. Operating profit 
more than doubled front £62S,D00 
to £1.43*11. 

The directors nr the group — 
which has plantation, commodity 
and trading inlc rests. and an 
international insurance broking 
business — arc recommending a 
same-agaln net interim dividend 
of 1.4p per 50p share. Last year 
also saw a final of 3.22p from 
pre-tax profits or £2.Q9m. 

Earnings per share midway 
are stated at 1.22p (2.52p) on a 
net basis and 1.7 p (3.09p) on a 
nil basis. 

Interest nel of investment 
Income took &C1.QM) I £231.000) 
and associated rnmoanics profits 
provided £550.onn (£428.000). 

Minorities were reduced at 
£35.000 (£44.000). there were 
extraordinary credits of £185.000 
(debits £37.000). and lax took 
£5)90,000 (£516.000). leaving 

attributable profits of £313,000 
(£225.000). 

•.comment 

Eastern Produce has had the 
good fortune to be crowing its 
tea in Kenya and Malawi, where 
the crop has been fair, and to 
have stayed well away from 
Ceylon and Indonesia, where 
crop failures have pushed up tea 
prices from the depressed level 
in the first half of 19S2. The 
price rise gave a small fillip 
to the inierim profits but the 
full impact will only be felt in 
the serond half, when profit 
margins of the tea division, 
already up on 1981. will be 
boosted further. By contrast, 
the group's rubber estates in 
Papua New Guinea, continued lo 
incur heavy losses caused by 
high local currency rates and a 
depressed world rubber price. 
Neither factor has shown any 
sign of abating in the second 
half. The Unochrnnie engineer- 
ing group, which Eastern 
acquired last August only to he 
"embarrased by second-half 
losses, is now showing a small 
profit. Wilh the assistance of a 
seasonal increase in turnover, 
final prr-lax profits for 19S2 
should he m least £2. 5m, giving 
a fully-taxed prospective p/e of 
about 6-5 on yesterday's share 
price of 74p. 

Prestwick 
Parker back 
in the black 

NUTS AND bolts maker Prcst- 
wich Parker Holdings returned 
to taxable profits of £15,000. com- 
pared with losses of £470.000. 
in the year to June 30, 19S2 after 
making a second half turaround 
from losses of £312.000 lo profits 
of £37.000. The year's turnover 
advanced by £SS0.000 to £3.11m. 

The directors say that although 
the group as a whole has 
returned to profitability Prest- 
wtch Parker (Fasteners) con- 
tinued lo trade at a loss, albeit 
at a much reduced rate. 

The recent acquisition of Bul- 
lnugh Fasteners should assist 
towards fuller utilisation of the 
company's manufacturing capa- 
city and aid recovery, they say, 
while the distribution activities 
of the Scottish subsidiary Poller 
Cowan, continue to be success- 
ful. f 

They say that at this stage in 
the group’s recovery they con- 
sider it would be prudent to con- 
serve cash resources and there- 
fore dn not feel able to recom- 
mend payment or a dividend. 
The last distribution was made 
in respect of the year ending 
in 19S0. 

"With the restructuring of the 
group completed it is now able 
to look forward lo a return to 
regular profits and to consider 
expansion should suitable oppor- 
tunities arise ihe directors add. 

Retained profits emerged at 
£55.000 (£3,000) after tax credits 
of £31.000 (£473,000), minority- 
credits of £1,000 (nil) and an 
extraordinary credit of £20,000 
(nil) for the settlement of a 
claim against the group's former 
tax adviser. 

International 

Signal 

allotments 

The offer for sale of 21,317.651 
shares of Pennsylvania-based 
International Signs] and Control 
at 155p has been oversubscribed 
33 tiroes. . 

Applications were received for 
about 726m shares including 346 
applications for approximately 
45m shares from shareholders of 
ESI London, a wholly-owned 
subsidiary of the company. 

The 4.7Sm shares reserved for 
ESIL shareholders have all been 
allocated pro rata to their share- 
holdings in ESIL subject to a 
maximum allocation for each 
such shareholder of the number 
of ISC shares applied for on a 
preferential application form. 

Excess preferential applica- 
tions are being treated as 
separate applications on the 
same basis as applications from 
the general public. 

Applications from the general 
public, together with excess 
applications - made by share- 
holders of ESIL, will be dealt 
with as follows:— 

Applications for less than 3000 
share s-weigh ted ballot for 100 
shares. , ____ . 

Applications for 3000 shares 
or more, but less than 10.000 
shares-weighted ballot for 200 

^Applications for 10.000 shares 
or more — approximately 2.2 per 
cent of the number of shares 

^ RenounceaWe letters of accept- 
Bfice wiU be posted on October 
28, and dealings are expected 
to begin on the following day. 


Reed Exeat 
half losses to £0. 



EMPLOYMENT AGENT and 
.selection consultant Reed Execu- 
tive cut its pre-iax losses from 
£970.000 to £752,000 in the first 
half to July 3 19S2. Turnover 
was marginally ahead at £16.45m 
compared with £16. 41m. 

The interim dividend Is being 
maintained at a nominal O.lp 
net per lOp share — last year the 
final was missed when taxable 
losses amounted to £1.65m. 

The directors say the group 
trading position improved mnre 
slowly than anticipated in the 
last annual report. 

Therefore they undertook a 
major review of the employment 
and travel agencies branch net- 
work. as a result of which 25 
branches were rinsed in the nine 
months to the end nf September 
1982. In their view this repre- 
sents a major restructuring nf 
the group's employment and 
travel agencies activities. 

Accordingly, the associated 


corts have been treated as 
esiraordinan'. 

Trading lw?3 carat* to 
£231.000 C £5*5.000 1. nf which 
£173.000 t £542.000) related To 
employment agents, selection 
consultants and acents 

and £58.000 <£ 43.000) to self- 
service drug stores. 

The pre-tax losses were stt-uri- 
after depreciation nf £34(5 wo 
(£273.000). including £1«*.000 
for providing f»r additional 
amnrlic.itinn arr-ins fmm thp 
revalualin*; of proportion, and 
intore*o payable of £155.000 
(£ 112 . 000 ). 

There was nn t^.v charge 
(same) and an ertranrdinac 
debit took £152.000 tni!). 

• comment 

Reed Executive's iolerira. figures 
are. unsurprisingly, bad. ’That 
better recipe fnr di e a?t*=r in 
recessionary times than tn have 
htiTh fixed cn?i* and lo be depen- 
dent on employment cycles. 


Fixed costs may be useful while 
turnover is hoeming, but they 
are a terrible liability when 
volume : ate lo«v. Until this year. 
Reed had .-imed to ride out the 
recession and was adding mar- 
ginally in its branches. Now that 
it has realised that this can only 
rttakc ma tiers worse, it has done 
a u-lum and rirr-ed down 28 
brandies in ihe flirt nine months 
cf 13S2. The benefits of this 
ration 3-lisa lion c;*n be seen in 
the third-quarter results. At the 
ir.riing level, i*ef"re deprecia- 
tion and intere?T. 'he company 
was making a si'ght profit. 
Medicare, the riiem«st chain 
ironically intended m act as a 
counter to cyclical factors, made 
less of a loss m the third 
quarter, which, conjidering it 
has net shown a profit in the 
last 10 years, must be slightly 
encouraging. The dividend is ? 
token O.lp. and at 23p, the 
market values Reed at a mere 
£2. 4m. 


Grosvenor Press 9 £G.7m placing 


BY TERRY GARRETT 

Grosvenor Press, a company 
formed to earn advertising 
revenue by originating and mar- 
keting free of charge specialist 
reference books, is looking for 
a £788.000 capital injection to 
fund its future development. 

Licensed dealers Hill Wonlgar 
are offering 685.000 ordinary £1 
shares by way of a private place- 
ment at £1.15 per share. The 
offer closes next Tuesday, hut Mr 
John Woolgar already reports a 
good response from private 
clients. 

It is the declared intention to 
bring the company to the USM 
or possibly a full Stock Exchange 
quoet at the appropriate time, 
Grosvenor could approach the 
USM in a year's time after 
achieving a longer track record. 

The company was formed by 
the existing management in 1979 
on a pilot basis until August 
19S1. During that time, it built 
up sales of around £200,000. 

The company's objective is the 
creation of reference bonks 
designed solely as an effective 
platform for promotion and 
advertising. The idea is that 
the books are produced annually 
and given a maximum exposure 
by free distribution, although 
there are nominal cover prices. 

Grosvenor s income is virtually 
totally reliant on advertising 
revenue. 

Selling of advertising is 
largely done through commission 
earning agents; printing or the 
books is done in Hong Kong and 
packaging and posting in the UK 
is carried out by a separate com- 
pany unconnected with 
Grosvenor. 


The company has opened 
offices in New York and intends 
to open in Voncourver. 

The following titles are on 
their second or third edition: 
Social Club Buyers' Guide. 
Accountants' Reference (Guide 
to Professional Services*, 
Interior Designers’ Handbook. 
Third World Development. In 
addition, two new titles are on 
the .stock? — the Grosvenor Guide 
to London and International 
Guide to UK Consumer 
Products. 

It is the rapid growth in 
advertising for subsequent 
editions that has enabled the 
company to forecast a sharp leap 
in profits for the current year. 

The directors are iodic Ming 
pre-tax profits of not iess than 
£240.000 for the year to April 30 
19S3 against £82.000 in the 
previous 12 month'. A 12 per 
cent yield is envisaged. 

In March this year. Industrial 
and Commercial Finance Corp- 
oration subscribed £150,000 for 
shares in the company. ICFC 
snid out this month ahead of 
this financing arrangement. 

The prospectus gives no 
indication why TCFC sold after 
such a Short spell, hut ICFC 
describes ihe relationship as 
“still friendly.” 

The placing should provide 
net proceeds nf £700.000. These 
will repay £130.000 of interest 
free loan' to Mr David 
Eckhanti. the founder and man- 
aging director with the hatance 
providing ndriitinnol working 
capital, principally to fund com- 
missions to selling agents ahead 


Burndene back in Mack 


A SWING back into profit is 
reported by Burndene Invest- 
ments, the Edinburgh-based 
manufacturer of caravans, mobile 
homes and clothing and properly 
developer. for the year to May 29 
1982. The profits are £38.959 
compared with losses of £820,331, 
and losses at the halfway stage 
or £196.636, down from £494,462. 

However the considerable up- 
turn was made on lower turnover 
which dipped from £9.02m to 
£S.67m. No dividend is again 
payable — the last payment was 
an interim of 0.25p in respect of 
the year ending in 1980. 

At the interim stage, the 
directors said they hoped that 
the reduction in losses could be 
maintained, and that losses in 
the second half would be signifi- 
cantly lower than those sustained 
in tite first half. They pointed 
nut that trading conditions con- 
tinued to be difficult in the 
caravan manufacturing division, 
and its textile operations were 
being prejudiced by cheap 
imports. 

There was a trading surplus of 
£613.200 (£208,257) for the year. 


and the pre-ta.x figure was struck 
after interest charges down from 
£656.577 to £400.814. depreciation 
lower at £173.427 i£lP3.6Cl> and 
exceptional interest iast time of 
£185.390. 

There was a tax credit nf 
18,528. but this was '.veil down on 
last year's £504.668. 

Exchange gains contributed 
...67.791 (£6.05$), and after extra- 
ordinary credits uf £22.323 
(£51.261), attributable profits 
emerged at £157.303 t £255.364 1. 
Staled earnings per share were 
O.Bp (loss O.lp). 

The board says au increase in 
consumer spending is required to 
allow the company's caravan 
manufacturing and site operating 
division to improve its position. 
The textile division is competing 
with cheap imports which con- 
tinue to depress prices, and they 
say the current year will be a 
difficult one. 

Lower interest rates will allow 
further savings and. will 
eventually improve the markets 
in which the company operates. 
Overall, it hopes it will be able 
tn extend its recovery in the 
current year. 


Janelle attracts potential buyers 


A number of potential pur- 
chasers have approached Mr John 
Donnelly, the Receiver of Janelle, 
the Irish textile company which 
crashed this week with borrow- 
ings of £Hm. Mr Donnelly, of 
Deloitte Haskins and Sells Is 
hoping to sell the three manu- 
facturing plants as going con- 
cerns. But it seems unlikely that 
there will be. anything left for 
ordinary’ shareholders. 

Janelle called a halt to its 
dealings earlier this week when 
receivers were called in by the 
Bank of Ireland. Suspended at 
3p — 7p below par value — the 
market value of .Janelle was 
under £200,000. 


In the year to December 19S1 
Janelle made a £800,000 loss on 
sales of £4.Sm. The company.'s 
problems are typical — a iack of 
volume and high interest cons. 
However, if the interest charge 
could be lifted off the trading 
operations by a receiver's re- 
organisation the faeiories could 
be trading on a profitable basis. 

Apart from outside interest 
which ha« come in this week, 
including enquiries from Lonrion- 
hnsed companies, the existing 
management is trjing to pursue 
a management buy-out which had 
been originally planned befnre 
the clothing company went into 
receivership. 


£48,000 midterm loss at Photax 


PHOTOGRAPHIC equipment 
manufacturer and - importer 
Photax plunged from pre-tax 
profits of £251,000 to losses of 
£48.000 in the six months to 
June 30 1982. Sales fell from 
£3.17ra to £2.31 m. 

The directors have decided 
against the payment of an 


interim dividend, and say they 
will consider a final dividend in 
the light of results for the full 
year and the outlook for 1983. 

Last year, a net Interim divi- 
dend nf 1.5p and a final of 2 d 
per 25p share were pnid from 
pre-tax profits of £409.0(10. 

Losses per share are stated at 
2.3p (earnings T.Sop). 


DIVIDENDS ANNOUNCED 


of advance receipts from adver- 
tisers. 

Fallowing the placing the only 
primary shares held by the 
r 1 ! rectors will he 10.000 in the 
name of Sir Peter Roberts who 
i? the company chairman and 
also chairman of H«ll Wool cor. 
Da-'id Eckbardt will hold 2.125m 
convertible shares. Richard 
Farke-Stapells inn.OftO concert 
ih!e and Raymond Gritz 25.000 
ccnvertihle. Mr Ecfchardt will 
ha*^ 70.25 per rent of the Tores 
The convertibles cannot par 
ticioatc in the profit; of the 
company, but holders have the 
right to subscribe for nine 
orriin-iry for every 10 cop 
vertibles at par. On full exercise 
of conversion, the company 
would receive £2 025m. 

The pro-forma balance Fheet 
af f er the issue show's net tan- 
gible assets of £826.000. Of that 
£72.nnn fixed as?*>ts including 
£40.000 of vehicles — the dlrec" 
tors’ cars. 

The directors’ segregate emo- 
luments for the current financial 
year are expected to be £44.000. 
In addition fees can he paid not 
exceeding £"000 apiece. Also 
directors who perform duties 
otft.?tde their ordinary services 
may be paid additional fees to 
which they may otherwise be 
entitled under the Articles such 
as remuneration by way of a 
salary percentage of profit. 

Mr John Wool gar said yester- 
day that the directors did not 
have a profit sharing scheme in 
operation. 

Feat Marwick Mitchell are 
auditors and joint reporting 
accountants. 

Stocklake 
doubles its 
final payout 

SECOND-HALF pre-tax profits at 
S'rHfiake Holdings rose from 
£1.91 n tn £2.8?m and figures for 
the full year tn March 31, 19S2 
inv’Tnvpri from £3.55m to £4.92m 
Turnover of this exporter, im 
purler, distributor, steel stock 
holder and financier, was up 
from a re-stated £32.11m to 
£37.3 tn. 

The final dividend is doubled 
from 4.5p to 9p net for an Im- 
proved total ef 12p compared 
with 6p. 

Hie pre-tax figures excludes 
exchaare surpluses on net cur- 
rent assets of overseas sub- 
sidiaries now taken direct out of 
reserve? and totalling £6™. TOO 
(d«b* rjrs.ono). Tax was higher 
at - r C.7~m (£ 1.93m.) 

stated earnings per 25p share 
re : e from 3?2!7p to 50.86p. Pre- 
‘•ax profits on a CCA basis, were 
£4 57m. 

Camra (Real 
Ale) breaks 
even midway 

In the 24 weeks to July 12 
1982 Camra (Real Ale) Invest- 
ments, which operates a chain 
of free public houses providing 
real ales, broke even with pre- 
tax profits of £15 against £19,017 
last time. Turnover advanced 
from £475,518 to £565.384. 

The directors of the company, 
which gained a USM quote in 
May, say that at the end of a 
spell of intense activity, it has 
increased trading capacity by 
more than 50 per cent, yet bank 
borrowings are lower than a 
year ago. The directors are now 
ru.il jog strenuous efforts to 
achieve a gnod return from all 
the new businesses which did 
not make a significant contribu- 
tion in the first half. 

For the full year, they expect 
to produce net profits before tax 
comfortably in excess of last 
year’s £88.772, and to see 
jorres^d contributions from 
operating profit and from 
property sales via the disposal 
Df the Duke of Wellington 
public house. 

Pre-tax profits included 
income of £20.098 (£16.656) bur 
w«re struck after overheads of 
£201.436 (£174.355). financial 

ch-irro of £1.474 (£19.037) and 
ran rdi nary debits of £25,927 
t£2 t 5TO). 



Current 

Date 

of 

Corre- 

sponding 

Total 

for 

Total 

last 


payment payment 

div. 

year 

year 

Eastern Produce 

int 1.4 

Jan. 6 

1.4 



4.62 

Gopeng 

sec. Int 7 

Jan. 3 

9 

— 

17 

Lanea 

lot Nil 


nr 

— 

2.4 

Photax 

Int Nil 

_ 

1.5 

— 

3.5 

Reed Executive 

tot 0.1 

Dec. 2 

0.1 

— 

0 Tl 

Stewart & Wight 

4 

— 

4 

4 

4 

Stocklake 

9 

Nov. 30 

4.5 

12 

6 


Edith rises 
to £1.13m 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue, t On capital 
Increased by rights and/or acquisition issues. } USM . Stock. 


After-tax revenue of Edith, 
formerly Estate Duties Invest- 
ment Trust, improved slightly 
from £ 1 . 08 m to £1.13m for the 
half year tn September 30 1982 
and the net interim dividend Is 
being effectively increased from 
0 76P2p to 0.8p per 25p share. 
Tax took £514.000, compared with 
£493,000. 

For the 1981-82 year the trust 
paid a final dividend equal ta 

1.4423p. 


BIDS AND DEALS 


Esperanza restructuring 
to lift capital by 



BY DUNCAN GAM PBELL-SMITH 

THE SHIPPING and cargo 
agency business Esperanza Inter- 
nationa) Services, la to propose 
to its shareholders a restructur- 
ing scheme which, if accepted, 
will lift Its capitalisation from 
S24m to at least $40m. The 
group's shares, suspended on 
Thursday at 127p, closed last 
night at 143p. 

The proposed scheme involves 
a change of name, to Trans- 
continental Services Group, and 
a relocation to the Netherlands. 

It also takes account of the 
growing influence over Esper- 
anza ’f affairs of RIT and 
Northern (RITN), the investment 
trust headed by Mr Jacob Roths- 
child - RITN holds 29.6 per 
cent of the group directly and 
another 4 per cent -via its 46.4 
per cent stake in J. Rothschild 
International Investments (JED) 
which acquired 9 per - cent of 
Esperanza last December. 

It is proposed that RITN end 
up with a similar 34 per. cent 
holding in Transcontinental. In 
conjunction with Esperanza’s 
restructuring. JRII will be 
liquidated. O f the 617.2m pro- 
ceeds to RITN of this operation. 


some SSm will be committed by 
the investment trust to the 
enlarged shipping group. 

In addition to this. Trans- 
continental has to date received 
undertakings from other JRXt 
shareholders to invest their- 
liquidated holdings to-JRH In 
the new company. These under- 
takings sa far add up to a 
further SSm capital injection for 
Esperanza. 

The group said yesterday that 
it felt able to handle “a -sub- 
stantially increased volume of 
business" following management 
changes instituted- under the 
direction of Mr Joseph Raanan, 
who joined Esperanza last year- 
An executive committee set up 
earlier this year to plan an 
expansion programme includes, 
among other board directors, Mr 
Franqoise Meyer, chief executive 
of RITN. 

Lord Klssin, chairman of 
Esperanza, said last night that 
he envisaged remaining asso- 
ciated with the- group as a 

director of Transcontinental. 

Details of a complex restruc- 
turing scheme will be sent to 
shareholders of Esperanza and. 


JRH shortly. In essence it trill 
provide -for Esperanza share- 
holders to receive one Transcon- 
tinental dhare for each, Esperanza 
Bhan g, while - TRTT shareholders 
receive Transcontinental shares 
■ ait 130j> each,, to a total amount 
eqatvalenr to the net -asset value 
of Ubeir holding £n- JRU at liqui- 
dation. 

The liquidation, value Is ex- 
pected to amount to S37m. 
Holders of approximately SO per 
cent of jRlTs shares, including 
RITN. hove undertaken to 'accept 
the proposals; Shareholders will 
be offered' the 'alternative of "a 
convertible Transcontinental 
loan note for tip to half of the ' 
shares to which they are entitled. 
A straight carfh ' allotment on 
' Liquidation will also toe available. 

The Esperanza _aitd JRIT 
boards, advised, respectively by 
Guinness Mahon, and . Lazard ; 
Brothers, also declared their in- 
tention that Tradscqntlnental 
make a bonus issue of. -warrants 
“as soon as practicable after, 
the implementation ot'the pro- 
posals.’ 1 

RITN has been advised over 
the scheme toy S. G. Warburg. - 


Guinness Peat agrees on sale 
of commodity broking business 


GUINNESS PEAT, the banking 
and insurance group, which Is 
expected to announce lasses of 
over £20m next week, has 
agreed the sale of its commodity 
broking and mer chan ting busi- 
ness to a consortium of investors 
and management led by Lord 
Kissin. the founder of the 
Guinness Peat Group. 

Guinness - Peat will receive 
£6m in cash and £3m of redeem- 
able participating preference 
shares, and will retain a-14J9 per 
cent stake in Lewis Se Peat 
Holdings, the new company, 
which will control the commod- 
ity broking and . mercfaantxng 
operations. In addition, the deal 
is expected to reduce Guinness 
Peat’s borrowings by about 
£20 m. Guinness Peat shares 
rose 7p to ®)p. yesterday. 

Lord Klssin will be. chairman 
of the new company. Which will 
have a capital of £Llm, being 

LEVFOOJO INCREASES 
FITCH LOVELL STAKE 

Liufood Holdings has Increased 
it? holding in Fitch Lovell from 
1.43m to l.GSm shares, or 2.5 
per cent at a cost of 168p a 
share, Fitch Lovell said. 

Fitch Lovell's board rejected 
a takeover offer by Linfood last 
month which would give one 
Liafood ordinary share for every 
two of Fitch Lovell’s valuing 
Fitch at £79-8m 

HANSON TST/UTD GAS 
AS A result of the level of 
acceptances of the offer by 
Hanson Trust for United Gas, 
Hanson is now able to imple- 
ment the provisions of Section 
299 of the Companies Act 194S 
and will do so as stated in the 
formal offer document Conse- 
quently fully paid renounceable 
certificates in respect of new 
United Gas ordinary shares will 
not be posted to shareholders. 


the agreed net asset value of 
the group taken over. 

It is understood that the' com-, 
modify operations lost about 
£8m in the year to April 30 
1992, but more than £5m of this 
reflects the exceptional losses 
of the Chicago animal fats ven- 
ture. .This operation has now 
been wound up and is being 
retained by Guinness Peat, 
which will make use of its tax 
losses. • 

Mr R. D. Kissin — who will 
be joint managing director of 
Lewis & Peat Holdings, along 
with Ur 0.1. Burt — said 
yesterday that he expected the 
commodity business to make a 
profit in the current year. 

Under the terms of tbe deal, 
eight executives of Lewis & Peat 
wil buy shares giving them a 
stake of just over 10 per cent 
in the new group. 

Lewis & Peat is one of the 
top half-dozen commodity, brok- 


ing companies in the UK and at 
its peak in 1979-80 made' after-tax 
profits of £&lm. .. 

Completion of the deal is con- 
ditional on the approval of. 
.Guinness Peat shareholders, being 
given at an extraordinary general 
meeting toffee - called, in- mid- 
November. A - circular' giving 
full details and the'preiiminaiy 
statement for the year ending 
April 30 1982. will be sent oat: 
next week. • - . , - - - , '. 

- Mr- Alai stair Morton, the 
group chief executive of Guin- 
ness Peat, said that , the new. 
structure will offer a sound 
footing for the future to Guin- 
ness Peat, and to Lewis t Peat 
However, the group was review- 
ing ways of raising extra -capital 
to bolster its ; balance sheet 
which has been hit by losses at 
the Chicago animal fats operation 
and . the Performance Tire sub- 
sidiary in California. 

See Lex 


Bid for Electronic Machine 


International Communications 
Technology Holdings (ICT), a 
Luxembourg holding company, 
has made an offer worth £581,990 
for the Electronic Machine Com- 
pany (EMC). Terms are one 
ordinary 83 share in ICT for 
every 80 ordinary 25p shares of 
EMC. The offer is worth 23.75p 
per share on the basis of the 
average dealing price of £19 per 
share of IQT In London at the 
close of business on October 20. . 
The middle market price of EMC 
on the same day was 2L5p. 

If the offer becomes uncon- 
ditional ICT intends to seek to 
maintain the London listing of 
EMC. ICT shares are traded on 
the Stock Exchange under Rule 
163 (4) (a). Its formaT offer 
document will be dispatched as 
soon as practicable^ - • 

Directors of EMC regard the 


bid as “totally unwelcome" and 
advise shareholders hot to sell 
their shares. 

VAUX/SHEFFDEDLD 

represbmeSt 

Vaux Breweries has announced 
that following its . offer " for 
Sheffield .Refreshment Houses if 
has received acceptances, in 
respect of L519J00 shares, repre- 
senting 85 per cent of the issued 
capital- and 92 3 per. cent of the 
shares subject to the offer. Prior 
to the offer Vaox' held 140,900 
shares (7.9-per cent). Accordingly 
Vaux owns and has received 
acceptances in respect' of a total 
df 1,660,000 shares (92.8 peF. 
cent), and the offer has there- 
fore been declared unconditional 

The offer remains open -until - 
3 JO; pm on November 5, 1982, 
after which it will close. 


Approach to 
Ley’s sends 
shares up 

By Ray M au ghan 

THE STRONG , nin In the Ley's 
Foundries .and Engineering share 
price continued yesterday as the 
Derby-based group "revealed that 
it had received a bid approach. 
Having started the week at lOp, 

. the share price closed, at 26p 
yesterday, for . a gain of 8p on 
the day.' 

.'The shares are tightly held 
and riie board, family .and rela- 
tions can speak for a majority of 
the- votes and- thus dictate the 
success, or failure ot. any firm 
bid overture. 

■- As a malleable casting sgroup 
with' a largo call-off to the . ‘auto- 
motive industry, the group lost 
£2.43m in the year to September 
30 last year and almost £900,000 
pre-tax in' -the following six 
months. The Ewart. Ghainbelt 
'subsidiary has -performed well in 
export, markets, however, and 
may be regarded as an attractive 
target for a bidder. 

Ley's sold its Lincoln 1 plant to 
the powerful Swiss, supplier to 
the West German, vehicle mar- 
ket, -George' Fischer, In two 
'Stages during 1980 and Fischer 
is rumoured to be increasing its 
interest in more UK capacity. 

HAFREN BACKING 
Hafren Investment Finance, 
the Welsh Development Agency's 
new -venture capital subsidiary, 
is opening its portfolio with 
nearly, £200,000 in shares and 
loans for four new enterprises. 
A- further 11 schemes, involving 
potential investment by Hafren 
of funds totalling £571,000 are in 
the final stages of consideration. 

Thfr ■ first four investment 
clients are : Sat ellite TV Antenna 
-Systems, JMP r Airspace Work- 
shop and GT Marine. 

MIXGONCRETE 
- Pioneer Concrete (Holdings) 
has- received . acceptances in 
- respect of 3,668,895 shares 
(&L5 per cent) of Mlxconcrete’s 
issued share capital. Pioneer 
owned 103,000 shares (L13 per 
. cent) prior to the offer, period 
and has acquired 1,830,738 (19.7 
per cent) during the' period. 

Pioneer,, therefore, owns or 
has. received acceptances in 
respect of 5,604,633 shares (60.3 
per.: .cent) of . . Mixconcrete’s 
issued, .share capital. 

-Pioneer’s offer has become 
..unconditional in ail respects and 
will remain open until further 
notice.. 

KEEP/DORAOA : 

Charterhouse . Japhet has 
received acceptances, of its offer 
on behalf of Keep to. acquire all 
the ordinary, share capital, of 
Dorada in respect of 3J520.773 
shares (34.44 per cart). The 
British Car Auction Group has 
accepted ' in respect of its hold- 
ing of 860,000-’ shares (8.4 per 
cent). . 

BP CANADA ; 

BP'Canada, a 64 per cent sub- 
sidiary of British Petroleum, 
late on Thursday requested a 
. halt in the trading of its shares 
• on the Toronto stock exchange 
pending an announcement The 
company would not say when 
the ■ annoimcemeni would be 
made or what it would contain. 

ASSOCIATE DEAL 

Grieveson Grant and Co has 
purchased, on- behalf of a sub- 
sidiary of N. ML Rothschild and 
Sobs, 27,500 ordinary shares of 
Equity Income Trust, bringing 
that subsidiary’s total holding to 
732*000 (19.52 per cent). 


Results due next week 


Last year's third quarter profits 
from ICI bucked the seasonal 
trend by being larger than the 
second quarter. When this year’s 
results come out on Thursday, 
the company is almost certain 
to return to pretty dismal figures. 
Market estimates vary from £55m 
tn £75m, but none compare with 
last year's £86ra. So far, evidence 
from the past few months has 
shown that volume sales in 
Europe and the UR have not held 
up well, nor has the exchange 
rate moved in ICTs favour. 
Added to that will be poor 
results from outside Europe, 
particularly from Canada, 
Australia and South Africa. The 
petrochemicals and plastics 
division lost rather a lot m the 
first half and looks set to do 
the same in (his period. But 
plastics prices were increased 
at the beginning of September, - 
so better margins should be seen 
in the final quarter. 

Marks and Spencer’s' perform- 
ance must be the envy of every 
managing director in these 
recessionary times. Profits rise 
consistently every year, belying 
the stagnation in consumers’ 
disposable income. Thursday's 
interim figures will probably 


cent, which will bring it up to 
nearly 2p. 

show a rise in pre-tax profits 
from £86 m this, time last year 
to £95mh£100m2 As well as 
choosing the right product mix 
for its customers, M and S has 
also managed to maintain its 
gross margins by not going in 
for excess price-cutting. In line 
with the. rise in profits, the 
interim dividend will probably 
he increased by around 10 per 
The Falklands campaign will 
have little impact on the Interim 
results due on Thursday- of the 
Glasgow-based, textile • group 
Coats Pa tons despite its. growing 
dependence on the ; South 
American market Shrewd infla- 
tion management is expected to 
boost the sub-continent's profits 
from £34m in 1981 to between 
£36m and £40m this year. But 
the increase is liable to be offset - 
by the depressed demand in the 
group's North American and 
Australian markets. Thir UK 
division, ' -which includes a- 
revamped and fast recovered 
Jaeger, should show a small 
improvement over a poor per- 
formance last year, with labour 
costs being kept down. The 


groupi’s new extra-curricular 
activities - -.which stretch from 
fish-farming to heart 'pacemakers,' 
have so. far been disappointing 
and. it 'will -be several' - years 
before they are likely to make- a 
significant contribution to 1 pro- 
fits. Most analysts are forecast- 
ing pretax profits, in' the- six 
mouths to June of £28m to £29m 
(including a fixed-asset sale of 
over film) which is about the 
same as last year, although one 
is -Being for as high as £Sim ~ 
With the group having tax pro- 
blems repatriating . its . .South 
American profits; there is little, 
change of dividends being raised- 
above the 1981 iuterim figure of 
1.4p net <4p final).' 

The market; , is . liable to be 
thrown into confusion on. Thurs- 
day whatever interim results are 
announced by Inchcape, the-- 
■international, .trading,, .motor, 
shipping and . Insurance . group. 
Two major.uncfettainties wSlL' be, 
resolved, if at all, only by . look- 
ing at (he small print below the 
figures. • The ^company has 
.changed its year end, . from 
September 'to December, for the 
UK division which' . imports 
Toyota cars and has several re- 
tailing motor outlets. The -effect 


of excluding most of the Augusl 
"registration boom in sales fron 
the half-yearly 'figures ending ir 
June is difficult to assess.. The 
'Change in accounting period also 
. allows the company to switch Its 
exchange rate calculation date 
from December to June. : Such a 
. switch could boost pre-tax .profits 
by as much as £5m. Beyond the 
accounting - problems, analysts 
agree that, after *he fall-off in 
profits in the second half of 1981, 
there wpl be a further decline 
to June, particularly in the 
-motor and trading divisions oi 
the Far East and South Easl 
Asia, which are at the heart oi 
the group’s activities. ' . With 
Australia also faring poorly and 
. Africa remaining in loss, the 
only Silver lining will be in the 
■Goff shipping activities where 
_1982 profits should be up by 25 
per cent to about £8m. Fore- 
rests for the half-year pre-tax 
•profits are between £25m and 
£29m but; the. dividends are 
expected, to be maintained. 

. Other results next week 
include- Interims from Harrisons 
& Crosfleld on Tuesday and 
London Brick on Thursday, and 
rfull-year figures from Highland 
Distilleries on Thursday. 



Announce- 



Company. 

meat 

Last year’ 



duo 

Int- 

Final 

Int 

FINAL DIVIDENDS 

Amber Day Holdings s 

Friday 

09 



Anvil Petroleum 

Monday 


_ 



Atrwoods — 

Tuesday 




B'ftiah Car Auction Group 

Tuesday - 

1.6 

2.0 

1.7E 

Buraes* Products (Holdings) 

Thursday 

0.5 

0J 

0.5 

Highland Distilleries 

Thursday 

08 

1^ 

0.88 

Highland Electronics Group 

Tuesday 

— 

OXI 


Humberside Electronic Controls 

Tuesday 






.tanks and Cattail 

Monday 

OJf 

03 

0.5 

Lmresd 

Thursday 

— 

IX) 


Mirkschma Brothers 

Thursday 

2-0 


ZO 

MediYiiusier 

Tuesday 

1£ 

2.2 

13 

North Arlan tic. Securities Corporation ... 

Tuesday 

1J5 

2.7S 

IX) 

S?e* Hei'dsve 

Tuesday 

1.06867 2.66667 

1.2 

Simpson fS.) 

Thursday 

.■i-o. 

. 2.0 

1313S 

Stotheri and Pitt - — . 

Friday 

— 

— 


TP Australia Investment Trust ...... 

Wednesday 

1.6- 

• 1.9- 

1.8 

Tyrack (W A.) - 

Wednesday 

— 

0A 


Young (H ) Holdings — 

Friday 

— 

T* 

— . 

INTERIM DIVIDENDS ‘ 

Advance Services — 

Wednesday 

1X1 

2J3 


Altied Loath nr Industries -. 

Friday 

1.75 

3.75 


Arirathnot Government Securities Trust 

Friday 

5-SH 

*£& 


WshoPsgow Trust .; 

Monday 

13 

Z3 : 


Boosey and HswV.es 

Thursday 

.13 

_ 


Border Breweries (Wrexhem) ... 

Wednesday 

IX 

33 


S5G lrrterrHatle*«al 

Thursday 

0.1 

- ■ 


Birigln (A. F.) 

Thursday * 

0-68 

0.77 


Clayton, Son (Holdings) 

Coates Brothers 

Friday 

0^317 5.0B83 


Thursday 

0.68 

2.42 


Coats Pawns 

Thursday 

1.4 

2.6 




1 




Company' : 

Davits and Nswrnan.- Holdings 

English National Invntmsn't 

English Nations). Invwtmmt 

Fob .international I 

Harrisons and Crosflold ' 

. Hopkinsorts Holdings 

Inch nape 

Kwik-Ftt. (Tyrss sod Exhausts) Holdings 

Lake Wear investment Trust 

Londpn. Brick 

Lunuva'(Coylon) Tee and Rubber Ests. 

Marks and Spencar ; 

Now Throgmorton Trust 

Photax (London) 

Porte mouth and Sunderland Newspapers 

Press. fWDUamJ Group ' 

Runciman (Waftor) ,T_ ; 

TR Industrial ’and General Trust' 

TR NationsF Resource* Invest. Trust ™ 

Twlnlock 

UBM .Group : . 

Webster* Group : 

Weeks Associate* 

INTERIM ' FIGURES-' 

Argyll Foods 

Computer end System*. Engineering 

Imperial Chernies! Industries 

Upton (E.) end "Sons ........ 


'- Announce- 
ment 
due 

: Thursday, - 
Tuesday 
, Tuesday 
Thursday 
1 Tuesday 
Friday 
' -Thursday 
Wednesday 
Tuesday 
Thursday. 
Wednesday 
Tuesday 
Friday 
Wednesday 
Thursday 
Thursday ' 
Tuesday . . 
Thursday 
Thursday 
■Thursday . 
Thursday . 

' Friday 

.. Thursday 


Thursday 
-Thursday 
Thursday* 
-Friday . . 


Dividend 
Last year 
Int. Ft ns 
— GJ 
1.0Sf "1.351 

1-76$ txvj j 
0.7S _ 1.5 
7S 30* 
1.28571 4.15 
7.16 11.0 

U-682' 

13 

.1.7342 
OJO 
1.75 


1.0 

1J 


0.68 
2. B5 

3.1S 
Z7.D ■ 
TLBS 
1.0 
2.0 


1.0 

2.25 

132 

1.88 

■Z5. . 

5.0 

1.4 . 

13 

zas- ■ 

3.5 

IX) . 

1.0 

0 X1 

1.7' 


.0.7 


* Dividends are shown ner pence par share and adjusted for amHaM 

* rnJSUSSSFt 

!rtSS .«"< 


o 





-•> ^Flaancial'-.TImes -Saturday .-October 23 1982 


SUMMARY OF THE WEEK’S COMPANY NEWS 


Take-over bids and deals 

.-Dealings intextile concerns Van tons and Carrington Vlyella 
resumed on Monday following details of Vantona's rescue bid. 
Vantona. is offering two sfcaresf or every 25 Carrington, -raining 
the Aatter at. over fiiem* Id, which bolds a4912 pear cent stake 
in Carrington; has accepted' the offer and intends to keep. its fifth 
share in the. enlarged company- Vantona's shares, suspended 
last week at 99p, jumped to 115p. while Carrington -Vlyella slipped 
from the suspension price :qf 10ip to SJp.On the offer becoming 
unconditional; the name off the enlarged group will be changed 
. to Vantona-Viyedla and wilf rank third in size in Britain behind 
' Coartaulds and TootaL * ' . ‘ ' - ~ 


owns Brands Hatch racing circuit. The company la run as an 
independent . subsidiary within F.agle Star and Gresham is also 
expected to ran independently wi thin Grovewood. 

Details of' Mr Robert Maxwell's rescue plan for timber concern 
Hollis Brother* and ESA were confirmed on Thursday. Under 
the plan, Mr Maxwell’s Pergamon Press will end up with an 85 
per cent holding in Hollis in return for a capital commitment of 
£3m. . - 


INTERIM STATEMENTS 


PRELIMINARY RESULTS 


Company 


HfiJf-year 

to 


Pre-tax profit 
(£ 000 ) 


Interim dividends* 
per share (p) 


Company 


Year Pre-tax profit Earnings* Dividends* 
to (£000) pershare (p). 


The Monopolies Commission gave Nabisco -Brands’ proposed o£ 8 t0 30 P to EM's share price, 
bid for Huntley and palmer the go-ahead, but, due to a deteriora- 
tion In H and P’s trading performance, Nabisco is not expected 
to offer tbe original 115p per share cash or 120p paper alternative 
which it indicated last March. Under the Takeover Code. Nabisco 
must at least offer the 107p per share it paid to acquire Rowntree 
Mackintosh’s near-24 per cost stake in H and P. Nabisco is 
7 expected to -set out the new- terms for discussion once Huntley’s 

- latest results have been audited. 

- . Gillett Brothers and Jessel Toynbee, two of the City's smaller 
discount houses, announced a planned merger. The proposed deal' 
is. expected to take the form of an offer by Jessel for Gillett and 

- the enlarged group will be value at around £2 6m. The announce-' 
ment was brought forward several days following a sharp rise on 
Monday in the Gillett share -price; prior .to the announcement, the 

' share; had opened 25 higher and. by. the close of business was 
.47 up at 225p. : 

. ■ f Dealings in textile group HHngworth Morris’ Ordinary and A 1 
shares were suspended on Wednesday at 20p and 13p respectively 
at the company’s request pending publication of an announcement 
Speculation in the market was that Abele, a .private Isle of Man 
registered company owned by Mr Aifm Lewis, was about to male* 
a full offer for the company." Mr Xewls has already acquired 
.control of 46 per cent of Illingworth -by buying interests held by 
former director Pamela Mason. .... 

UK brewery group Whitbread agreed to acquire the Julius 
Wfle drinks business, from Nabisco- Brands for £56.6m. The 
acquisition price represents a substantial drop in the initial terms 
first Indicated by Nabisco “following seasonal and stock adjust- 
ments." Whitbread is financing the major part of the purchase 
by a consortium bank loan.. 

BOC agreed to pay £49. 8m for the home medical businesses 
. of GUsrock Medical Services Corporation and a 26 per cent 
interest in Mountain Medical Equipment. BOC has raised the 
cm si deration by placing on the Stock- Exchange 29m BOC shares 
at I76p .per share which compares with the current market price 
of 187p. 

Grovewood Securities, a wholly-owned subsidiary of Eagle 
Star, made an agreed 123p per share cash bid for Graham Invest- 
ment Trust, valuing tbe latter at £2 Qxzl Grovewood Is an invest- 
ment holding company, which, among its diversified interests. 


- International Communications Technology, a quoted Luxem- 
bourg holding company involved in tbe electronics industry, 
launched a surprise offer for Electronic Machine, the UK optical 
and radar systems group. ICT is offering one of its shares for 
every 80 Electronic Machine, valuing the latter at just under 24p ' Copydex 
per share. The bid, which was swiftly rejected, prompted a jump Diipoxl 


A bertha w Cement June 
All ebon e & Sons Jofly- 
Bestwood Jane 

Brit Home Stores .Sept 
Brook Street ' - June 


Value of 


Price 

Value 


Company 

bid per 

Market 

before of bid 


bid for 

share** price** 

bid 

fin's** 

. Bidder 

Plica* In pans* into** othaiwrlaa indicated. 

Amal Tin Nigeria 

12*f 

14 

8 

0.07 

Dove 

Braby Leslie 

70 

67 

• 57 

7.07 

Anglo Nordic 

Braid Group 

58* 

58 

42 

2.74 

Lookers 

Brant Walker 

46*5 

47 

55 Tt 

2.86 

Locks Heath 

British Northrop 

18* 

17 

12 - 

0.31 

Pndworth Invs 

CarrJngto Vlyella 

84 

84 ' 

104 ft 

15.89 

Van Iona 

Dorada 

45 

39 

38 

■4.60 

Keep Inv 

Dunbar 

960 

940 

640TT 

12.48 

Hambro Life 

Eva Industrie* 

44 . 

34 

44 

2.38 

Anglo-Indonesisui 

Fairdale Textile 

49* 

45 -■ 

184tt 

1.94 

Moss Bros - ■ ■ 

Falrdale Textile A 41* - 

37 

M4tt 

0.81 1 

Moss Bros 

Fitch Lovell 

128 

109 

88 

85.48 

Linfood ' 

Gresham Inv 

123* 

115 

115 

19.83 

- Grovewood 

Holden (A.) 

192$ 

185 

178 

11.65 

icr J 

Howard Tenens 

694 

59 

64tt 

11.05 

Espley-Tyas / 

Hunt &Moscrop 

15* 

134 

9 

3.51 

Biwater / . 

HntMoscropDfd 

9* 

74 ■ 

5 

0.53 

Tti water / 

Lifeguard Assce 

950* 

950 

407ft 

7.10 

Mult Hltb & Lifife ' 

Mix con crete 

195* 

208 ' 

177 

18 AO 

Eng China ClaA 

Mixconcrete 

210* 

208 

115 

19.52 

Pioneer Concrete 

Shaw (Frauds) 

23* 

23 

18 

L30 

EIS Group / v 

Woolwth (FW)W 

82* 

80 

71tt 

310.4 

PaternosterAtpres 

* AM cash offer, t Cash alternative. ± Partial bid. 3 Forijcapfctal 

not already held. 

•• Based on October 22 1082. 

tt At suspessioa. 

tt Estimated. 55 Shares and cash. 

11 UnconditionaL j 


Ellennan line? 

Energy Servleps 
Eucalyptus E^ilp' 

Evered Ht 
Forward Tc 

Francis ; 

Foster . 

Greenbxpklnd 

Prop June 
Hawkd&iddeley June 
Johnsen June 
(S.) June 
Hefo June 
. ^ .J.C) June 
Cooper June 

eC (Stanley) June 
n[OTerrall June 
Marketng July 
JuJy 
June 
June 
June 
June 
June 
June 
June 
June 
June 


1,470 

(993) 

4.5 

156L 

(2S2)L 

— 

204 

(ISO) 

— 

10.850 

(7,880) 

1.75 

633L 

(Sfll)L 

— 

37 

026) 

— 

847L 

(579)L 

— 

4.310L 

(602) 

— 

217 

(711) 

0.4 

1,140 

(2^20) 

— 



court 

d Diffusion 
cer Gears 
treeters Gdlmng 
jTate of Leeds 
* Telephone Rends 
' -United Ceramic 
Waiter Lawrence 
Waterford Glass 
Wettern Bros 


144 

973L 

38 

um 

539 

8,690 

58^00 

L270L 

10L 

311 

5,030 

4.850 

113 

1.050 

355 

253 

1.420 

577 

16 

297 

6.150 

7 

712 

3,3101- 

5 


(202 ) L 
(370)L 
(852) 

0230) 

( 666 ) 

(6,620) 

(61,600) 

(IS) 

(203) 
(3S9JL 

(3,550) 

(4,610) 

(18S)L 

(1.470) 

(253) 

( 202 ) 

(350) 

(307) 

(161) 

(243) 

(6,750) 

( 100 ) 

(660) 

(5,040)t 

(171)L 


L0 

1J. 

0.8 

3D 

3.7 

1.5 

0.69 

0.35 

2.18 

L23 

0.6 

0JS8 

0.64 

0.01 

1.0 


2.0 

0.5 

2.75 

0.6 


(4.0) 
(— ) 
(— ) 
(1-75) 
(— ) 
(L2) 
(-) 
(— ) 
(0.35) 
(— ) 
(— ) 
(2.3) 

( 2 . 0 ) 
0 - 1 ) 
( 0 . 6 ) 
(3D) 
(3.7) 
(1-5) 
(0.69) 
(0.35) 
0.98) 
(1-16) 
(— ) 
( 0 . 88 )' 
(0.54) 
(0.44)' 
(— ) 
(0.75) 
(— ) 
i— ) 
(2.0) 
( 1 . 0 ) 
(2.5) 
( 0 . 6 ) 
(-) 


June 

35.310 

(41,750) 

5.2 

(73) 

3.91 

(331) 

May 

9,550 

(8,640) 

16.6 

(143) 

4.0 

(3351 

June 

505 

(402) 

4.6 

(3.7) 

0.79 

(0.63). 

June 

1,560 

(1.670) 

9.3 

(S.S) 

3.5 

(3.4) 

May 

525 

(740) 

7.S 

(13.9) 

5.12 

<— ) 

July 

5191 

(1,230)+ 

0.6t 

(1.0)* 23 • 

(23) 

June 

1,070 

(6541 

6.3 

(4.4) 

3.6 

(2.4) 

Sept 

3,340 

(1320) 

29.1 

(21.5) 

8.0 

(73) 

May 

29,830 

(29,510) 

30.9 

(30.6) 

43 

(433) 

June 

6,720 

(4.700) 

12.12 

(9.1) 

5.25 

(43) 

May 

2,720 

(2340) 207.0 (266.8) 

14.0 

(13.0) 

May 

272 

(869) 

23.9 (1373) 

9.0 

(9.0) 

July 

146 

(107) 

1.S 

(1.2) 

LI 

(LI) 

May ■ 

310 

(115) 

2.1 

(0.7) 

0.63 

(031) 

Apr 

106L 

(1,790)L 

i — 

l— > 

— 

(— ) 

Mar 

2.250L 

(1370)L1T— 

(— ) 

— 

(— ) 

July 

407L 

(70S)L 

— 

(— ) 

1.67 

(53) 

July 

988 

(196)L 

2.7 

<— ) 

0.9 

(— > 

July 

132 

(93) 

6.7 

(4.8) 

13 

CLO) 

July 

177L 

(141) 

— 

(0.9) 

— 

(-) 


Rights Issues 


Scrip Issues 


Amstrad Consumer Electronics— One for one. 
Bryant Holdings— One for one. 

London and Provincial Shop Centres (Holdings 



for two. 


Abwood Machine Tools— Is raising £884,000 by way of a rights issue 
- of 11.05m new ordinary shares on a five for four basis at 4p 
each and 442,000 6 per cent cumulative convertible redeemable 
preference shares 1997 at par on a basis of one for 20. 

Edinburgh Securities— Is raising £2.07m by way of a two for nine 
rights tissue at 115p per share. 

Stoddard Holdings — Is considering making a £2.6m rights issue of 
convertible redeemable preference shares. 


Brooke Bond 
Bryant Holdings 
Cradley Print 
Eleco Holdings 
lad Precision 
Kalamazoo 
lad 4s Prov Shop 
Low (Wm) 

Paterson Zochonis 
Peachey Prop 
Pearce (C. H.) 

Pochins 
Pressac Hldgs 

Ramar Textiles 

Ren wick 

Stoddard Hldgs 
Strong &«Fisher 
TSW 

Tyzack (W.) Tmr 
Walker & Homer 

(Figures In parentheses are for the corresponding period.) 

* Dividends are shown net except where otherwise stated, t In 
I£. t Current cost fl Ten months. L Loss. 


Offers for sale, platings and introductions 

1 

Barclays Bank — Is Issuing £150m of 12 per cent unsecured capital ■ 
loan stock 2010. at £99.053 per cent. 

First Talisman Investment — ’Is joining the Unlisted Securities 
Market. 

Fitch and Co. — Is coming to the Unlisted Securities Market via a 
placing of 14 per cent of its tftares at 150p each. ■ 

Hospital Development Corporation— Is joining the Unlisted Securi- 
ties Market by way of a placing of 1,966,667 shares at 150p , 
a share. 

International Signal and Control— Offer for sale of 21.3m ordinary 
shares at 155p per U.S. $0.10 share. 

Islington Corporation — Has placed a further £10m of 11.9 per cent j 
redeemable stock 2017, at £100 per cent 

Newcastle upon Tyne City Council— Is placing £12m of 11} per cent 
redeemable stock 2017, at £97} per cent i 

Swindon Private Hospital — Issue of 1.1m ordinary shares of £1 at , 
120p per share. 


EUROPEAN OPTIONS EXCHANGE 


Seri at 


NOV. 

Vol. | Last 



dome 

GOLD C 
GOLD C 
GOLD G 
GOLD C 
GOLD C 
GOLD C 
GOLD P 
GOLD P 
GOLD P 
GOLD* 

12*4 NL 01 87-01 

C F. 112.501 26 

C F.115 120 
C F.m.Sdl 1114 
O F.120j - 

p f.ubI - 

105, NL BO 8626 

C F.lOO] 70 
O F.ioa^d 67 
C F.lOfi 2 
' !. P F.lOfl 60 
11«4 NL 82 8002 

C F.108) 1660 
C F. 107.80 - 168 
G F.llO - 

10 NL 83 8600 
O F.lDOj 
C F. 103.50 1 

lOll NL 02 06-09 
C F.1001 
i C F. 102.501 

10 NL 82-11 8649 
C F.Z02.60! 


60 

24 

12 

6 

3 

s 

16.60 . 
54 


6.60 B| 
4 

1.80 


Feb. 

Vol. j Last 


16 

6 

18 

5 

1 

12 

e 

76 

3 


600 

227 

506 

106 


100 

46 

55 

23 
16 

7,50 

12 

24 
28 


4.50- 

2.00 

1.00 

0,40 


May 

VoL 1 Last 


22 


16 


26 

35 


Stock 


6451 


F. 119.50 


22 


300 

166 


7 1 
A An I 

10 

7.200 

— 

I z 

F.107.8O 

2.40 

232 

0 1 

.10 

5.00 

Hi-, 

0.40 1 

00 

130 1 

— 

r - 

II 

430 { 

• ID i 

4.80 

• 40 

l 4 00 I 

F.10B.10 

1.00 

010 { 

2.10 

500 

5 

r » 

- 1 

— | 

— 

850 

} 1.80 1 

.. 

000 1 

20 

1 5.80 

] - 

i - 1 

[F.1O3.50 

- “ 1 

360 

I 2.10 

1 “ 

1 - ! 

i »» 

*30 f 

■ 0 , 

! o.io ; 


i — ! 

F. 104.50 

230 sl 

7 , 

! 2.60 | 

! io 

i 5.30 : 

' u 

L80 ! 

122 

i 0 

i - 

1 i 

F. 10400 


ABN C 
AKZQ C 
AKZO C 
AKZO C 
AKZO P 
AMRO C 
AMRO P 
HEIN C 
HEIN G 
HEIN P 
HEIN P 
HOOGQ 
KLM C 
KLM C 
KLM P 
KLM P 
NEDL C 
NEDL C 

NATN C 
NATN C 
PHIL C 
PHIL C 
PHIL C 
PHIL P 
RD C 
RD G 
RD P 
RD P 
RD P- 
UNtL C 
UNIL C 
UNIL C 
UNIL P 
UNIL P 
UNIL P 


MANN C 
SLUM C 
VESA C 


F.280. 

F5B 

P.27.50! 

F.50 

F57.0O 

F.4K 

F.40j 


F.70 
F.1W 
F.lOO] 
F.llO 
F.90[ 
F.lOO . 
F.lSOl 
F.lSOl 


Jan- 
33 I 3.50 

3.10 
1.70 
0.80 
140 
1.60 
1.50 

6.10 

8.60 A! 
1 

1.90 
1 

3.60 
1.70 
0.60 
800 

5 

9.60 


April 


29 

26 


15 


16 


0508 

LID 

2.80 


10 


10 


u 


July 


140 


140 


F.110I 

F.iaol 

20 

J 3.50 

l 

109 

4 

2.00 

“ 

1 ” 1 

FJB5I 

8 

| 3.40 B 

-22 

5.20. 

— 

1 • — 1 

F37.50; 

42 

1.00 

73 

2.30 

20 

2.00 

FJOl 

76 

O.BO 

157 

130 

60 

1.60 

F37.50I 

38 

1 0.70 

10 

1 

— 


F.BOj 

10 

1 .2 B 

1 

1030 

— 

1 

F.lOOj 

142 

; 3.40 

105 

5. ID 

SB 

0.40 B 

F.BO 



50 

0j80 

— 

- 

- F.90J 

35 

| 1.40 

53 

2.50 

* 

4 1 

F.lOO 

1ft 

1 5^0 

30 

6J50 

5 

a 

F.lSOl 

F.lOq 

10 

|16.508 


17.50 

— 

- 

25 

!10 

| WOB 1 

8 

12 

-a- 


FJMO] 

25 

a 

730 

— 


F.160 

10 

■ 1.10 

— 

— 

— 

— 

F.170] 

F.180J 

18 

1 3 A 

47 

0.70 


- 

2 ; 7 i 

Nov. 

14 11030 A 
Fab. 


- 1 

May 

DMJtW. 

_ 

- l 

50 

a i 

— 

- tc 

S40, 

— 

- 1 

10 

5 1 *, 

— 

“ ? 

DM.120 

— 

i - 1 

20 

730 

— 

“ U 


FJ60 

F47.80 


F.42.50 

F.7&50 


r.itoo 

IF.94 


F. 121.10 


F4740 


TOTAL VOLUME IN 
A^Aakad 


CONTRACTS 10469 
6= Bid C 3= Call 


P=Put 


BASE LENDING RATES 

A.B.N. Bank 9*% ■ Guinness Mahon. 


Allied Irish Bank 9j% 

Amro Bank ®§% 

Henry Ansbacher 9J% 

Axbutbnot Latham ... 9i% 
Associates Cap. Corp. 10 % 

Banco de Bilbao 9J% 

Bank Hapoalim BM ... 9*% 

BCa 9i% 

Bank of Ireland 94% 

Bank Leumi (UK) pic 94% 

Bank of Cyprus 94% 

Bank Street Sec. Ltd.... 114% 
Banque Bel Re Ltd. ... 94% 

Ban o Lie du Rhone 20 % 

Barclays Bank 94% 

Beneficial Trust Ltd..... 104% 
Breen ar Holdings Ltd. 21 % 
Brit. Bank of Mid. East 94% 

■ Brown Shipley 94% 

Canada Fermi Trust. ^ 204% 
Castle. Court Trust Ltd. 10 % 
Cavendish G*TyT*stLtd. 104% 

Cayzer Ltd 94% 

Cedar Holdings 10 % 

■ Charterhouse Japhet... 94% 

Choulartons 104% 

Citibank Savings ......flO % 

Clydesdale Bank 94% 

C E. Coates....... 104% 

Comm. Bk. of N, East 94% 
Consolidated Credits... 104% 

Cooperative Bask * 94% 

Conuthlan Sees. ' 94% 

The Cyprus Popular Bk. 94% 

Duncan Lawrie 94% 

E.T. Trust .i.. n% 

Ewter Trust Lid. ...... HH% 

First Nat. Fin. Corp. ... IS % 

First Nat. Secs. Ltd. ... 124% 

Robert Fraser . .. 104% 

Griadlaj’s Bank 94% 


_ Hambros Bank 
Hargrave Secs. Lid. ... 
Heritable & Gen. Trust _ 

I Hill Samuel S 84% 

C. Hoare & Co ..t 94% 

Hongkong' St Shanghai 94% 
Kingsnorth Trust Ltd. 11 % 
Knowsley & Co. Ltd. ... 10 % 

Lloyds Bank 94% 

Mallinhall Limited ... 94% 
Edward Manson St Co. 104% 

Midland Bank 94% 

I Samuel Montagu 9>% 

(Morgan Grenfell ...... 94% 

National "Westminster 94% 
Norwich General Trust 94% 

P. S. Refson & Co 9§% 

Roxburgh* .Guarantee 10% 
Royal Trust Co. Canada 94% 
Slavcnburg’s Bank ... 91% 
Standard Chartered ...;) 94% 

Trade Dev. Bank 94% 

Trustee Savings Bank 94% 

TCB 94% 

United Bank of Kuwait 9f % 

Volkskas Inti. Ltd. 94% 

Westpac Banking Corp. 94% 
Whiteawny Laidlaw ... 1« % 

Williams & Giya's • 84% 

Wlntrust Sect Ltd. ... 10 % 
Yorkshire Bank 84% 

■ Member* of rte Aecesnins House* 
Committee. 

* 7^*y deposits 6%. 1 month 
&25%. Sborvnrm Efl.CCD/12- 
nwmlu 925%. 

f l-Any deposit# on surne oft under 
tlO.OOO B%. £10,000 up <0 *80.000 
6»4%. £50000 end ow 7V&. •• 

* CsB deposit* n.OOB end nw S^. 

I 2T.d»y dspasiu ow £1,000 7%. 

S Demend deposit* 6%j ■ 

1 Monmo- bei* ■ 



APPOINTMENTS 

Chairman of 
Nationwide 

Mr Leonard Williams has 
been elected chairman of the' 
NATIONWIDE BUILDING 
SOCIETY foH owing the recent 
resignation of Sir Herbert Ash- 
worth, chairman since 1970. Mr 
■Williams was chief executive of 
Nationwide from 1987' until his 
retirement in 1961. He has been l 
a director since 1975. f- 

* f 

FIFE INDMAR has appointed ’ 

Hr AD. Peebles as director ^id 
secretary. ' He was previously 
director and group company 
secretary of - Scottish and 
Universal Investments. 

* 

Mr Kenneth Staple* 


Mr Leonard Williams, chair- 
man of the Nationwide Build- 
ing’ Society 

of Mr J. L Seceombe has been 

purchasing, and Mr Victor Jfasb. appointed a director of Attwood 
company secretary, have retired Statistics. AGB Index, Irish 
from DEEKO. Mr Alan Tothlll TAM and Attwood Research of 
over purriiasing, white con- Ireland. Ms Freda Bear has been 
tinning to run production. Mr appointed joint managing direc- 
john McManus is appointed com- tor of Questel Qualitative 
puny secretary. Studies. She was previously 

* '•■■■' managing director of (^Search. 

• Mr David Cornelius, head of * 

the transport science policy unit, OCCIDENTAL. OF BRITAIN 
Department of Transport is the INC has appointed Mr Dan 
new assistant director of the McReynolds as vice-president 
TRANSPORT AND ROAD offshore operations, Mr Jim 
RESEARCH LABORATORY in patten as vice-president and 
succession to Mr Winston Lewis manager legal, and Mr Don 
who retired recently. He takes Stephen as vice-president 
up his new post on November 1. engineering. 

LRC INTERNATIONAL has 
appointed Mr Donald E. Seymour 
as a director. . He will become 
non-executive . chairman when 
Sir Edward Howard retires. Mr 
Seymour wap formerly deputy 
.chief executive of Smith 'and 
Nephew Associated Companies 
and will resign as a director of 
that company. ^ 

Mr R. H. MacWUliam and 
Major. H. W. Pari sh wi ll retire 
from the board of GEE VOR TIN 
MINES on November 30 19S2. 

Mr MaeWilliam will be succeeded 
as chairman by Mr K. H. Wallis. 

* 

AGB RESEARCH has made 
the following appointments to 
the boards of group com- 
panies:— ■ Mr A- L. Harvey 
becomes vice-president, finance 
qnrf planning, of National 
Family Opinion Inc. in Toledo, 

Ohio. He was formerly joint 
managing director of Research 
Surveys or Great Britain. Mr 
N. A. G. Spademan, the other 
joint managing director becomes 
managing director. Mr A. B. C. 

Rodgers and. Mr XL S. Watson 
have been appointed joint 
managing directors of Hulton 
Technical Press, following Mr 
J. C McBride’s appointment as 
managing director of AGB 
Publications. Mr H. C V. Barrett 
has been appointed chairman of 
AGB Communications, and Hr 
P. J. -McAleenan has been 
appointed a director. Mr J. 

Lynch, Hr B. J. Piper and Mr 
J. C Shmrman have been appoin- 
ted directors of Audits of Great 
Britain. Mr A. E Maedlazmid 
has been appointed a director 
of Tempo Computer Services. 


CONTRACTS 


£7.5m for Robert McAlpine 


TWO CONTRACTS totalling 
more than £6m have been 
awarded to SIR ROBERT 
McALPINE & SONS for civil 
engineering work in South 
Shields and Amble, Northumber- 
land. ' 

The Tyne Dock at South 
Shields is the subject of quay 
extensions and general refur- 
bishment to the value of £l.53m 
for the Port of Tyne Authority. 
Work begins this month on the 
dredging of spoil from under an 
existing timber jetty and the 
installation of a contiguous bored 
pile wall to retain armouring 
emplaced after dredging. Com- 
pletion is scheduled for Septem- 
ber 1983. The North Breakwater 
at Amble, at the mouth of the 
River Coquet in Northumberland 
is the scene of a <£A5m contract 
awarded by the Alnwick District 
Council. The 95 week contract 
calls for the upgrading and 
partial reconstruction of the 
existing breakwater, involving 
extensive cement grout injection 
of badly eroded areas and the 
emplacement of 200,000 tonnes 
of rock armouring in sizes rang- 
ing from 40 kilograms to 10 
tonnes. 

McAlpine has also been 
awarded a £L5m contract by 
Vivian Linacre Estates (Central) 
and Abacus Developments for 
the new town centre retail 


scheme at Penicuik, the largest 
town In Midlothian. The tradi- 
tional style open development, 
which win provide some 48,000 
Sq ft of gross shopping space 
with substantial car parking, 
links John Street, the town's 
principal shopping street, with 
tiie main A701 Edinburgh to 
Dumfries road. 

* 

NEWBURY DATA, a subsidiary 
of Data Recording Instrument, 
has signed a £4m agreement for 
the supply of IBM 5224/5 com- 
patible matrix printers to 
Decision Data Corp, Philadelphia. 

* 

PEABODY HOLMES has won a 
£L2m order for a complete refuse 
transfer station for the Munici- 
pality of Doha, Qatar. The plant 
comprises an elevated tipping 
platform, two hydraulic balers, 
five purpose-built refuse trailers 
and two trailer handling vehicles. 
An oil-fired incinerator is also 
being supplied as part of the 
contract 

* 

Following the initial selection 
of the BRITISH AEROSPACE 
Dynamics Group DART gyro- 
scope by Texas Instruments for 
the Paveway HI low-level laser- 
guided bomb, a further order 
worth nearly Elm has been 
placed. This is a commitment to 
pre-production and preparation 


UP 2000%! 

. . . It’* quit* £orr*c t W* neom- 
nwidwl -Pblly Pack at 36p In May 
1980. today ira 72Spl W« haw* had 
na other recommendation! tt 
approach that, bvt w a have had 
several ■ hundred percenter*. 

Homvar. this column is lor 
SPECULATORS ONLY. II you would 
Ilk's a complimentary copy of our 
monthly newsletter, piaasa writ* to: 

INVESTMENT 

OPPORTUNITIES 

4MBMMVBr*tdS1iwt 
London, EC2 


IMPOBTANT NOTICE TO 
EXTERNAL MEM B ER S OF LLOYD’S 


Baflotforthe 
eightplaceson 
Lloyd’s Council 

LADY MIDDLETON, 
Fbunder Chairman of the 
Association of External 
Members of Lloyd's urges 
you to vote for fee team feat 
assisted ha" in substantially 
improving fee new Lloyd’s 
Art aixl who pledge 
themselves to support the 
Association's Manifesto. 


(13) COHEN S.S. 

(2DMNG00BN.E. 

(31)GAfDJM. 

(57) MAXWELL BJ. . 

(58) MIDDLETON JJ). 


(59) MITCHLET A.O.R. 


Annual General Meeting of 
Syndicates to be mandatory 
Standardised agency agreements, 

limits to salary and comnrission. 

New by-laws to be closely 
examined to ensure interests of 
External Members protected 
For further information contact Dr J. MaxweD.Membership Secretaiy 
A^odalitmrtExteraalMmbersrfUc^’s.BrettechamHoiLSR.I^iTrastfrPlca^, 

London WC2E TEN.’fet 01-836 3838 


Ownership ofMan aging Agents by 
Syndicate Members 

Reinsnraace of syndicates, 
improved regulation and fid! 

disclosure 

Syndicate Members to be 
Infnr mwl mf any material flewfap- 
ments affecting their interests 
Syndicate animal accounts 

disclosure requirements to be 
tightened 


LABBROKE index 

«I7422(-3>: 


This advertisement is issued in compliance with, the Regulations of The Stock Exchange. 



Nationwide 

Building Society 


Placing of £10,000,000 ? u j4iiper cent Bonds 
diie 31st October 1983 

listing for the bonds has been granted by the Council of The Stock Exchange. 
Particulars in relation to The Nationwide JBuiidiag Society are available in the Extel 
Statistical Services. Copies of fee placing Memorandum may be obtained from:— 


Packshaw & Company Ltd., Laurie; MUbank & Co., Rowe & Pitman, 

34-40 Lndgate BUI. Portland House. City-Gate House, 

London JEC4M 7JT 72/73 BasinghaH Street, 39-45 Finsbury Square, 

..London EC2V 5DP London EC2A1JA 


for quantity production of DART 
for this programme. It is 
expected that following the next 
phase in early 1983, the value 
of this project to British Aero- 
space will be significant 
★ 

THE ENERGY EQUIPMENT 
COMPANY, a wholly-owned sub- 
sidiary of the international 
Petrofina group, has signed a 
£lm turnkey contract to install 
a 30,000 lb steam/hr fluid bed 
combustion “energy boiler” at 
OeJegem, Belgium for Oleofina. 
* 

BACO CONTRACTS, a subsidiary 
of British Aluminium, has been 
awarded an order worth around 
£850,000 for the design, supply 
and construction of triodetic 
aluminium spaceframe roofs for 
a general maintenance work- 
shope for the Abu Dhabi police 
in the United Arab Emirates. 
The contract is for structural 
steelwork, aluminium space- 
frames, cladding and rooflights, 
covering an area of fi500 sq 
metres. The spaceframe will be 
prefabricated in Britain. The 
roofs are to be erected by Baco 
Contracts’ site teams who will 
provide a project management 
service for other key elements 
in the construction. 

* 

GUNSON’S SORTEX, Bow, 
London, has had repeat orders 
worth over £250,000 from Riviana 
Foods Inc, of Houston, Texas, 
for its computer-controlled 9401 
rice sorter. These machines 
handle both whole and broken 


white rice at over 2.5 tons/hour 
as well as parboiled rice, with 
immediate switch-over from one 
product to another. The Sortex 
9400 series of bulk sorting 
machines use 11 micro-processors 
to handle the data from 40 
channels of electro-optical 
sensors, viewing each grain 
individually. On Japanese white 
rice this runs to 800m grains 
an hour. 

The company is also supplying 
a further two 10-channel Sortex 
9103 colour sorters to a factory 
in Berlin. The sorters will 
increase the company's capacity 
for sorting moist blanched 
almonds and apricot kernels. 

* 

HIGGS AND HILL BUILDING 
has been awarded a £2J5m con- 
tract to build a supermarket of 
34,000 sq ft floor area for Key- 
markets at Downend Road, 
Bristol. Work includes storage 
areas, preparation areas, staff 
accommodation and six shop 
units, and a large car park with 
landscaping. It should he com- 
pleted in September 1983. 

•k 

Applications for. social services 
benefits in Belgium' are to bo 
processed on a Sira (£580,000) 
computer system supplied by 
SPERRY UNTVAC. The com- 
puter has been installed by the 
Belgian Ministry of Social 
Welfare at its offices in Brussels. 
A large-scale Sperry Univac 
computer system valued at Si .9m 
(£Llm) has been installed by 
the Government electronics divi- 
sion of Motorola Tnc, at Scott- 
dale, Arizona. The computer 
will support the design and 
analysis efforts of nearly -1,700 
staff engineering specialists. 


NOTICE 



BANCO DE LA NACION 
ARGENTINA 

US$ 25,000,000 

FLOATING RATE NOTES DUE 1987 

In accordance with the provision of the Notes, notice 
is hereby given that for the six-month interest period 
from 23rd April, 1983, the Notes will carry an interest 
rate of 10J per cent per annum and the Coupon 
amount per US$5,000 will be US$265.42. Interest 
payment date is 25th April, 19S3. 

DBS-Daiwa Securities International Limited 

AGENT BANK 


M. J. H. Nightingale & Co. Limited 


27/28 Lovst Lin* London EC3R 8EB 


Telephone 01-621 1212 


P/E 


1W1-82 




Gross Yield 


Fully 

High Low 

Company 

Price Change drv.(p) % 

Actual axed 

129 

120 

Ass. 8rir, Ind. Ord. ... 

120 

— 

0.4 

55 

11.6 

14a 

139 

100 

Ass- Brie. Ind. CUL5-. 

139 

“ 

10.0 

12 


__ 

75 

R2 

AJ rap rung Group .— . — 

62 

— 

6.1 

9a 

7.0 

125 

5T 

23 

Armitaga & Rhodas — ™ 

43 

- 1 

4.3 

10.0 

4.8 

8.4 

246 

187 

Bardon Hill - 

245 

— 

11.4 

4.7 

10.3 

T35 

121 

100 

CCL 1 1 pc Coftv, Praf — 

121 

— 

15.7 

135 

■ — 

_ 

270 

240 

Clndica Group . 

269 


17.6 

bJj 

105 

125 

104 

60 

D*borah Sbivicm ..... 

68 

— i 

6.0 

8.7 

4.6 

125 

147 

S7 

Frank Ho rail! 

147 

— 

79 

bA 

ti.2 

8.6 

S3 

38 

Fradarick Parker — — 

68 

— 

B-4 

95 

3.5 

B.7 

78 

40 

George Blair 

48 

- 1 

— 

— 

85 

175 

102 

8b 

Ind. Precision Castings 

65 

- 1 


85 

6.1 

95 

12* 

100 

lsi» Corcv, Pr*T. ,.....» 

124 

— 

15.7 

117 

— 

_ 

m 

84 

JeoVtun Group 

122 

+ 1 

7.5 

5.1 

35 

75 

148 

108 

Jianee Burro ugh 

147 

— 

S.6 

8.5 

10.7 

125 

334 

178 

Robert JMkms 

173 

— 

20. Q 

115 

2.0 

S&a 

83 

M 

Geruttona "A” 


— 

5.7 

75 

10.3 

125 

222 

150 

Tordry & Coriiel* 

150 

— 

lljt 

75 

6.7 

11.6 

44 

21 

Unilock Holding* — ... 

21 

— 

0.46 

2.2 

— » 

p — 

103 

73 

Walter Alexander 

82 

. — 

BA 

75 

55 

: 85 

283 

.212 

W, .S. Yeetss - 

251 

.4 1 

145 

55 

65 

. w 


PricM-now- available on .Preatel page 48148/ 




CotBfianies aad Markets 


... Fmancial Tupes ^tui^d^ Ot^bier' 23 1982 

WORLD STOCK MARKETS 


«CF Industries 


^MHCarp, 



Oct I OetJ 
8 took 21.;] 20 


Columbia Gas.... 1 3a4 334 

Combined inf.J 274 27 

Combustn. Eng..' 36 344 

Cmwltn. Edison.] 244 SWJe 
Comm. Satellta-i 64 874 


Comp. Science^. 

Cone Mills. 

Conrao- 

Cons Edison 

Cons. Foods. 

Con a Freight......! 

Con. Not.Qaa ) 

Consume rPoweri 
Cont. Air Unes...] 
Conti. Corp ........ 

Conti. Group.. I 

Conti. Illinois 

Contl.Teleph I 

Control Data I 


Cooper lnds_.~.i 30 
Coors Adolph.—. 11 

Copperweld 1T4 

Corning Glass.... 604 
Corroon Black.— 34 
Cox Broaneasfg] 3B"a 
Crane 1 344 

Crocker Nat J 304 

Crown Cork. 264 

Crown Zell 244 

Cummins Eng .... 404 
Curtlss-Wrlght—I SOU 

Damon — —I 84 

Dana — 304 

Dart & Kraft— 674 

Data Gen I 37 

Daytor-Hud9on J 55 

Deere ..—......I 394 

Delta Air 34 

Denny’s- 30 


334 ! 374 


171 , : 174 

16 I 164 


Dentsply Inti 4 

Detroit Edison.— 

Diamond Inti ] 

Diamond Shank- 
DIGlorgiO— — — — I 

Digital Equip j 

Dillingham - J 

Dillon 

Disney iWaltl 

Dome Mines .-,— 

Donnelly (RR) 

□over Com 

Dow Chemical ... 
Dow Jones— 

Dresser - 

Dr. Pepper 

Duke Power— 

Dun & Brad 

Du Pont — 

EG*<* 


244 f 344 
13 13 

424 434 

244 24 

104 104 

B64 974 

15 194 

23 27T 9 

62 4 694 

94 10 •« 

534 634 

284 284 

274 274 

99 674 

194 IS 
134 15T B 
214 217a 

914 884 

404 394 

274 274 



Campbell Soup 


41 

40Tj 

494 

484 

174 

171, 

45is 

46 

364 

854 

14 

144 

274 

27 

564 

537* 

191, 

154 

431 0 

431, 

384 

S6ia 

534 

515, 

-3SI, 

354' 

554 

53 

19 

194 

431, 

414 


Easco— — — I 234 

Eastern AirlinesJ 64 
Eastern Gaa A FJ 214 
Eastman Kodak-) 944 

EehltnMrg- J 174 

Eckherd Jack. — 27 
Electronic* Data. 434 
Elect. Memories. 64 

El Paso...- -J 19 

Emerson Elect- 684 
Emery Air Fgt._. 144 

Emfiart. 38 

EngelhardCofP"! 294 


Ensereh.... 224 

Esmark 634 

Ethyl 3Ua 

EvanaProd—— ... 94 

Ex CellO I 254 

Exxon ! 314 

FMC— \ 33 4 

Foberge — ... 164 

Feeders 34 

Federal Co. 274 

Federal-Mogul— 244 
Fed. Nat. Mort— 184 
Fed. Paper Brd... 244 
Fed. Resources.. 04 
Fed. Dep. Stores) 494 
Fieldcrest Mi...— 254 

Firestone.- 137a 

1st Bank System 374 
1st Charter Fin-1 134 


1st Chicago...— 217a 
lot City Bank Tex 237 a 
1st Interstate..... 36 
1st Mississippi.... 94 
1st Nat. Boston... 314 

1st Penn 44 

Fisons.. J 74 

Fleetwood Ent I 264 
FUuci-van. } 284 

DxrMa D—.A1 I 3*7 L. 



Early 3.7 rise on Wall St 



MODEST GAINS were scored on 
Wail Street yesterday, as the 
Dow Jones Industrial Average 
continued to inch closer .to its 
record closing 'high. 

The D-J Average rose more 
than eight points during morning 
trading but pulled back and was 
up only. 3.77 at 1040.75 at 1 pm, 
making a net rise of 47.65 on 
the week. The record close for 
the Dow Is 1051.70, set January, 
1973. The NYSE All Common 
Index, at $80.07, gained 35 cents 
an the day and 3.33 on the week. 
Advances led declines by a nine- 
to-five majority, although the 
volume dropped 24.65m shares to 
72.07m compared with 1 pm 
Thursday. 

The market has staged a rally 
of unprecedented magnitude over 
the last 10 weeks, with the Dow 
rising some 260 points since its 
low for the year, 77652, was 
reached August 12, 

Analysts said the rally gained 
more support yesterday morning 
when Chemical Bank and Mitsui 
Manufacturers cut their prime 
rate to 114 per cent from 12 per 
cent, the lowest level for the 
Prime in more than two years. 

Secondary stocks replaced 
Blue Chips as market leaders, 
reflecting a shift in attention by 
investors to those issues hereto- 
fore ignored by the rally. 

Citicorp, the . volume leader, 
advanced SI# to $38 on a turn- 
over of 898,000 shares. Other 
Bank stocks were also up, sided 
by the decline In interest rates. 

Chase Manhattan were up $1# 
to 854, Bankam erica $ft to S234, 
Chemical New York 5} to $42 
and I. P. Morgan $} to $69. 

Data point, the second most 
active stock, further improved 
$2} to $22 — the company said it 
could not explain the rise in Its 
stock. 

Warner Communications con- 
tinued its weeklong rally, climb- 
ing $1* to $543— it gained $8} 
over the . prior four sessions 
after reporting higher earnings 
Mond ay. 

THE AMERICAN 5E Market 

Closing prices for North 
America were not available 
for this edition. 


Value Index .put on .1.82 to 
325.66, making a rise of 11.78 
on the week. Volume, however, 
decreased 1.61m shares to 
60.48m, compared with 1 pm 
Thursday. 

flnnarlfl 

Stocks were sharply higher 
at midsession, the Toronto Com-, 
posite Index up 12.6 at 1805.4. . 

The Metals and Minerals 
Index rose 13JL to 1659.8, OH 
and Gas 26.6 to 3011.8 and Golds 
US to 2787.4. ' 

Among Oils, ftanada North- 
west Energy advanced $2# to 
$47, while BP Canada, last 
traded Thursday at $36, remains 
halted, pending news from the 
company. 

Genstar strengthened a fur- 
ther $2i to $188. 

Germany 

Lower in tM" pre-weekend 
trading, with investors preferring 
the Bond Market following 
Thursday’s cuts in leading West 
German interest rates. 

Stores were among the day's 
biggest losers. Horten shed DM 3 
to 12450, Karstadt DM 250 to 208 
and KaUfhof DM 2.80 to 171. ' 

The Commerzbank Index, cal- 
culated midsession, shed only 0.4 
to 713.8, and most of the selling 
appeared later. 

Steels failed to benefit from 
the EEC Agreement on sales- to 
the U.S.. with Thyssen and 
Kloeckner each off DM 0.50 at 
73.40 and DM 49 respectively, 

Tokyo 

Share prices closed mixed 
after a day of quiet trading, 
with late selective baying of 
market leaders more than off- 
setting early falls attributed to 
the prolonged political un- 
certainty in Japan plus the yen 
weakness. . 

The Market Average rase 4.08 
to 7,324.04. Turnover 220m 
(220m) shares* 

The yen's continuous weakness, 
kept many investors, both Dom- 
estic and Foreign, out .of the 
market 

Added to this .were rumours . 
that a certain Japanese Bank 
may have incurred losses 


because of a failure in. currency 
speculation. These rumours, 

, traders said, created uncertainty 
'in the Stock . Market,' ' 31th tmgh - 
there .appeared., tq be no basis 
to the rumours. 

Speculative Issues J like Sumi- 

tomo . Metal drifted up. 

- reflecting news that, a TJ.S. TV 
station- is planning a programme 
on the company. 

Many. Drug Issues eased, 
chiefly - on news that E^iifeawa. ’ 
off Y10 at 1130, revised its- earn-- 
ings projections .downward 
because ' of unexpectedly 
sluggish sales of new-generation 
drugs. 

Paris 

French and Foreign-; stocks 
were marked up across a broad 
front in moderate trading in. 
what traders described as a tech- 
nical recovery. ' 

Baying orders were stimulated - 
by bargain-hunting at the start 
of the new monthly, trading 
account . . 

Advances led declines by a 
two-to-one: ratio- in the French 
section and by three-fo-twp in 
the Foreign section. 

Banks, Foods, Constructions 
and Electricals were generally 
favoured, but Engineerings and 
Metals remained depressed. 

’ Peugeot- fell Frs 25 to 136— 4t 
said if will Invest Pta l2bn in 
Its VUlaverde plant in Spam.- 
BSN rose Frs' 11 to 1,470! dee--' 
pite its lower parent company' 
net profits during . the first half 
of this. year. 

- Michelin held unchanged at 
Frs 710/ despite its simply, lower 
first half profits. 

Manmhfaa finished ^3 per cent 
lower after trading in the stock 
was temporarily suspended “ due 
to an order imbalance. : 

Americans, Germans and. Oils 
were broadly higher in the Inter- 
national section.'. 

Australia 

Apprehension about coming 
political elections dampened 
share prices, ' as all market 
groups sustained losses. * 

The trigger, mechanism, was 
the announcement - that “Sir 
Philip Lynch, who earlier in the 


'- -mitryth - Y fKrrqiTiiffifr ri hig- Mini- 
sterial post, was quitting 

; ppliticsaltogethex. 

Resource stocks of all descrip- 
tions came, under strong selling 
pressure; despite the better 
market for Metals in London 
with Stiver, for example, at an 
18 months high. - 

Gold* GRfK apart, followed 
the New. York and Bong Kong 
. bullion. price down. 

Properties, Building Materials, 
TransRPria' .and . Retailers were 
particularly weak. Surprisingly, 
the normally politically sens*- 

- tive Bank shares held firm, 

Amsterdam 

■ Share prices were mixed -with 
losses slightly. predominating, 
mainly due to -profit-taking 
ahead of the- weekend. 

Underlying sentiment, how- 
ever, remained positive following 
frhnpniimg lower Interest rates. 

- - Publisher Elsevier rose 350 
to FI 176 and Mortgage Bank 
WUH were 450 higher at FI 9L 

In the Bond Market, prices 
firmed by FI 0.40 -in brisk tradi n g 
' on' the heels of Thursday’s one- 
half paint cut in Dutch Official 
interest rates. Average yields In 
the . Government sector went 
below 9 to 859 from 9.02 Thurs- 
day. 

Hong Kong 

The Hong Kong dollar and 
the Stock Exchanges held steady 
in quiet dealings. 

. The HaVig Seng Index was off 
over 4 .points in the first hour 
before rebounding: to finish 
almost unchanged at 882.68, 
down 0.48. 

Several analysts, expressed 
cautious optimism that, the mar- 
ket i& starting to find its legs 
again, after having them 
knocked out earlier over 
worries concerning the colony’s 
fumre. 

Singapore 

Sharply higher in hectic trad- 
ing. 

Hotels. Properties, Commodi- 
ties and the Second Trading 
section were also higher In line 
with the general trend. 





m 




264 

364 

294 

2-;y a 

387, 

394 

347s 

344 

154 

154 

304 

394 

534 

534 

35 

344 

3b 4 

36 7 S 















































































































































V. , : Ftxi^3i^aI Xiiaes ■ Saturday October 23'i982 

Ciotnafn. W Martel* ■! CURRENCIES! 




FOREIGN EXCHANGES 


E 


MONEY MARKETS 


Dollar 


EMS EUROPEAN CURRENCY UNIT RATES. 


The dollar showed little over- 
ill ’ change ' in currency markets 
yesterday ahead of the weekend. 
Early trading had been . extremely 
quiet with some profit -taking 
.after a fall in European lending 
rates on Thursday- However in 
the absence of any fresh news 
the dollar reasserted its funda- 
mental strength in the afternoon. 
Hopes . of a cut in the TT-S. 
Federal ; discount rate left the 
market 'fairly evenly divided but 
it seemed likely that if .the. dis- 
count 'rate did not fail then 
there' would be a delay in the 
downward trend in rates until 
after the Imminent mid . term, 
elections. ■ v 
Also ahead of the weekend 


. there was an understandable 
reluctance to go short on dollars 
given the recent uncertainties 
within the European Monetary 
System and continued tension in 
Poland. On Bank of England 
figures. the . - dollar’s .trade 
weighted index finished at 124J9 
unchanged from ■ Thursday. 
Against the D-mark It closed at 
DM 2.5275 compared with 
DM 2.5S and SwFr 2.1725 un- 
changed from the previous close. 
In terms of the Japanese yen the 
•dollar rose to Y273.40 from 
Y272.95 but slipped against the 
French franc to FFr 7.1475 from 
FFr 7-1500. 

Sterling was • "slightly firmer 
overall. Its trade weighted index 


• Currency, j ‘ 
amounts 
■Qalnst ECU 
' October 22 


change 


Belgian Franc ... 
□aniah Krone ... 
German O-Mark 
French Franc ... 
Dutch -GuildOF ... 
Irish Pvnt „. ...... 

Italian. Ure ...... 


44.9704 

8-2340 0 - 

233379 

6- 61387 

ZJtJsn 

0.89101.1 

1360.27 


831SS7 

Z3SOM 

6MSS7 - 

238028 

0-881864. 

134338 


. +139 
+OJ9 
+0.73 
+034 
-0.7S 
+ 0.10 
“0.49 


% change- 
adjusted ter 
divergence 

+1.15 
' +0.75 
• +(M9 
■ ‘ +030- 
-039 
+ 0 . 1 + 

. -0.49. 


Divergence 

. nw»Jt% 

±1.5501 

+13430 

*13888 

±13940 

±13004 

±13891 

±4.1389 


Heavy 

shortage 


LONDON MONEY RATES 


Change ere tor ECU, therefore positive change denotes s 
.weak currency. Adjustment calculated by Financial Times. 


rase to 92.8 from 92.7, having 
stood at. 92.7 at noon and -in the 
mornings Against the dollar it 
opened at ,SU3985$1.8BS5 and 
traded between- SL6965 and 
S1.7Q05. It closed at 51.6970- 
$1.5980, a jase-ot just 20. points. 


Against the Deutsche Mark It 
-closed at DM 4.2925 unchanged 
from Thursday -and rase to 
-SwFr 3.89 from SwFr 3.6850 
-against the Swiss franc. It was 
also firmer against the French 
iraoc ■ at FFr 12.1350 compared 
with FFr- llllSO. " ■ 


UK clearing bank 
rate 9i per 
'(since October lAMnfi 15) 
Day to-day CTeditA-'P-iD short 
supply m the money 

market yesterday JThe Bank 
forecast a shorligS?"* around 
£850m with-iacyfr&^flecting the 
market including mils maturing 
in 1 official ban# a net take 
up of -TYeasyp'/bll hs -£221m. 
Exchequer tflKflSCtiocs ~£340m 
and a rise iniSW note circulation 
of £2l0mr #»y BaDk gave assist- 
ance of fyQ»’ in the morning, 
cmprish# BPrchases of £24m of 
eligible bills in band 2 115- 

B 794 Per cent and sale 
yiase agreements on 
11s at 91 per cent, un- 
on • November 17. 
slstanre was given in 
on of £419m with the 
g revised its forecast 
ige of £95Qm without 
> account tlie morn- 
j. The afternoon 
comprised purchases 
xiuui ut local authority bills 
. & lira of eligible bank bills in 
Jland 1 at 9} per cent 

In band 2 it bought £lm of 
Treasury bills, £2m of local 
authority bills and £155m of 

OTHER CURRENCIES 


tending 


THE POUND SPOT AND FORWARD 


THE DOLLAR SPOT AND FORWARD 




■ Sterling , 
Certificate , 



Lccai Auth. 

| Flnenoe : 


Discount 


Eligible 

Pina 

Oct, 22 

Intortrenk 

Authority 

nagotiahio 

1 House | 

loom pony 

Market Treasury 

Bank 

Trade 

1882 

, of deposit 


deposits 

trend! 

; Dapooita 

Deposits Deposits 

Bills « 

; sms 0 

NIHe# 

Overnight. 


6-12 

lO-lOt* 

— 

— 1 

1 9t*-101a Btx-IQU 




_ 

6 day a notice_ 

7 days or 

7 days notloe.. 

— 

i ■ “ • 

9 *»-»■# 



1 — 

— 

— 

— | 

— 

1 

IDlx-lOlg ! 

Slj 10 1 


j 


BUBS, ‘ 


i 


One month.... 

8*5-87* 1 

«7 8 ID i 

0ii 

10 it-101a. 

10 

JOie ■ 

■ 

Bla | 

9* 

10 

Two month*... 

9:* »■-« ‘ 

9^ 

Bl* 

aval, 1 

95* 

104 , 

6V9 | 

9 91* 

9 < 

9l* 

Three months. 

9^ Big | 

9L» 

95*91+ 



8 1* -B5, 1 

85,-87* ! 

a:* . 

*>1 

Six months 

Nine months.. 

tm , 

Bi 4 9i* ' 

*!* ! 

91 S -8S« 

9Hfll| 

si 

*■-» 




BitfliV 

9>s 

One year 

a-t ' 

ai«-9H 

9 

93««lf 

9ra ! 

— 

— 


— 

— 

Two yoar* 

— 1 

— 


— 

— 

— 

— 

— 

— 

— 


ECGD Fixed flare Starling Export Finance, .Schama IV Averaga Ana (or imsisst period September 8 to October 5 
1982 (inclusive): 10.B97 par cant. 

Local authorities and financa' houtaa aavan days' notlca, eihare aavan days fixed- Long-tarm local authority mongago 
raid 9. nominally three years 9% par cant; (our ynara 10*« par cam; nva year* IDS par cant. 4>Bank bill tares in rebla 
are buying raws (or prune papers. Buying iro tor four-month bank biila 8 u u par tent: I our .month trada bills 9 par 
‘com • . 

Approxirnere sailing reti«for ons-month Treasury ■ bills SS-S 1 * par cant: two-months bVfl’i par cant; and threa- 
months US pet cant Approximate sailing rare tor one- mo ml* bank bills 9*4 par cant; two-months 8YS“ lk par cant and 
throe months S^»-6 u u par cent; ana- month rrado bills 9> 4 par cam; mo-montha 9*» per cent: thrsa-manths 9>« par cant. 

. Finance Houses Bass Rarea (published by the Finance Houses Aasaci-ilion) H‘, per cant from October 1 1982. 
London and Scottish Clocring Bent Raisa lor landing 9*> par cent,. London . Clearing Diposir Ratal (or sums at aavan 
days* notice 6 per cant, 

- . Treasury Bi'ts: Average tender rates of discount 8.7256 per cant Certificates of Tax Dspoait (Sanaa 01, Deposits 
'of Cl 00. 600 end over held at ona-month 10 per cant; ons.ih raa months 5>« Mr cent: ilu«r-12-monins 3‘j par cant. 
Unilsr Cl 00.000 9 par cant from October 13, Deposits held under Sarlsa 1-5 S', pat cant. The rale lor all deposit* 
withdrawn lor cosh B per cant. 


eligible bank bills &J1 at 9} per 
cent. It also arranged further 
sale and repurchase agreements 
on £245m at 9} per cent, for 
resale un November 17. 

Weekend interbank money 
opened at 10+10? per com and 
rose to 111-12 per tear before 
slipping away to lOJ-ll per cent. 
Rates touched 12 per rent later 
in. the day before failing away 
to 6-7 per cent. Very late 
balances may have cent up to 
10 per cent. 


INTEREST RATES 

EURO-CURRENCY INTEREST RATES 
(Market closing rates) 


Starling - 

U.S. Dollar. .. 
Can. Dollar... 
D. Guilder.. 

9. Franc 

Deuttcnm'rk 
Ft'nch Franc' 
Italian Ura.. . 
btig. Franc.. 

Conv 

Fin....: 


' Snort 

ter m 

*10ia’i0%l 

BSb- 948 - 
12i»-l3h 
S»d 6 S 1 : 
Htbi ! 
b)|-7 

14i«-16 i 
16 18 : 


7 cays 

nouca 

I0i|-10L, 

0ifBl 4 

12-13 

b^b-6't 

4U-4&4 
17 19 

l»Sg-eilfl 


Mo nth Months 
Tii-t »« . « a »»-•»« 

S^> Mat, 

ibi# ia» i n ■*, is 

67*67* 6; 4 -6^ 

H-s* ■ j*** 

6r? 1# 6*1-7 

1921 19i*20i« 

19ia20ia IB-* SO hi 

121-131* ' 

IS 12^4 


months Year 

914-93*"": BU-BSf 

9-e 10i» lOU-lOlf 
m* Hi* iu*-ra 

6S* B!t 67,-7 
44l fc 4rr*A 
Bi 4 7 #«-«* 

19<4 20 U 18 , *-1® S * 
1»;,20J, 80-3011 


EXCHANGE CROSS RATES 




Argentina Peso'-! 52,700: 

I Auot raJIaDollar...' 1.8020-1.8040 
hr * nB I Brazil Cruzeiro .. 369:40-370:40 
Finland Markka... 9.27T0 B.Z9BS 
Graak Drachma— H 9.402- 155.557 
Hong Kong Dollar 11.37 14 - 1 1.4 1 14 

IranRiaf...; 145.50" 

KuwaltDI nariKP 1 Q.4958S- 0.49721 
Luxembourg Fr~ --83.30-63.40 
Malaysia Dollar...' 4.0200 4.02e0 
New Zealand Olr. 2.5810 2.3860 
Saudi Arab, fliyal 5.8336-5.8455 
Singapore. Dollar 5.7235-3.7285 
Sth .African Rand. 1.9580-1.9590 
UJt.E. Dirham 


. al.OOOt 
1.0630.1.0635 
217.09-218.18 
5.4690 5.4710 
71.40-71.70 
6.70-6.72 
85.75* 

B 2320-0^323 
49.08-49.10 
2.3690 2.3710 
1.4055-1.4079 
3.4995-3.4405 
2. 1930-2 .1950 
1.1535-1.1540 
3.6710-3.6740 


Austria. 

! Belgium 

Denmark 

■ F ranee 

Germany 

'Italy:. 

1 Japan 

Netherlands - 

Norway. 

Portugal 

Spain. 

Swedan,...' 

Switzerland . 
United States 
Yugoslavia 


50.00-50.30 
85.85-86.85 
1 154)7-15.22 
12.07 12.19 
4.27-4.31 
2425 2465 
462-467 

4.66- 4.09 
12.19 12.S1 

156-170 
1U3-207 
12.50 12.62 

3.66- 3.70 
1.69-1.71 
192-136 


t Rats shown lor Argentine, is commercial. Financial rate Ca 257-63.277 against 
starling 38,950-39.000 against dollar. 'Selling rates 


FT LONDON INTERBANK FIXING 

(11.00 a.m. OCTOBER 22i 


S months 0.5. dollare 


The (ixmg rare* are the arithmetic means, roundsd to the nearest ene- 
tlKTsanih, ot Ole bid end uttered rdfes lor JlOm quoted by the market ra five 
reference banka at 11 am each working day. Tha banks are National Westminster 
Bank. Bank a( TuLyu, 0« nice ha (tank, Banqua Natiunela da Paris and Morgan 
Gujunry Trust. 


Cnpfin)M ami Marfcats 


WEEKLY PRICE CHANGES 



COMMODITIES AND AGRICULTURE 




AMERICAN MARKETS 



Copper and, silver 
hit 1982 hi&hs 


tUnquored. (g) Mod sga scat. (t) November. (v) December. fw) January, 
iu) Oc rah ar- November, {x) November- Docember, * Nominal. S Gnsrui cocos. 


LONDON OIL 
SPOT PRICES 


Change 

1 Latest ■+ or — 

CRUOK OIL-FOB (5 per barrel! 

Aiibien UohL.._.._. 33.50 1 — 

Iranian Ught._~ 31,00" — 

Arabian Hcevy. 30.BS30.9D- — 

North Ben tVortlnsi., 54 M ' -0.17 

AfHaanfBonny Ll'htj 35^)049.29 . — 


PFOOUCT1— North West Europe 

GIF <5 par tonne. 1 

Premium gasoline.. . 338-339 ! — 0.5 

(Us oil . Z. .512,519 —2.5 

Heavy fuel oil— „,177 : I79- -D^» 

•Nation ai. 


Gold rose just Sj an ouurv 
from Thursday’s close in the 
London bullion market yesterday 
10 dose at $429-430. This was 
the best , lard of the day, having 
opened at the dny’s low of 
5424^-4254. The firmer trend 
through the day reflected further 
cuts in U.SL prime rates and 
expectation!* of a reduction in 
the.U.S. discount rate. 


GAS OIL FUTURES 

Limit-down trading in New York pro- 
duced a sharply lower opening and 
prices continued 10 (all in good volume 
until mid-afiemoon m line with the 
physical market. Profit-taking later 
l.ftort priors back to the highs, reports 
Premier Mon. 

" sjjuvtiv * Yau'dw‘r-fw "B ' liiiaiee c' 
M ® nts dose — Done , 


* U-S. 
per tonne 1 

309.60 — 4.75il0.rBMJW 

312.75 -3.2S31SJMW0 

314.00 : -3Jtbt14^k-n.7Su 

315.00 “2.75 315.75 11.0B 

312.00 —3.35 513.7V 1BAB 

307.75 — 1.75507^7-BB.aO 

300.00 - 1.00 800 JMOJB 

£95,00 -4.50 — 

23,2.50 -4.5B 3 J_ 

’4.P27 (2,075) lots ol lCO 


BY OU* COMMODfTKS STAR 1 

COPPER 'and silver hit net*/ 
highs for the year this week. , 
However, the peaks coaid not l 
be sustained. High .grade easy 
copper ©Dded^Abe week £4.7 9- 
down at £895^5 a '’tonne, aft £r 
trading af oyer £900 for t^e- 
first time since November last 
year at one stage. The three 
months quotation was £?.75 
higher.. on a week ago at 
£891-25. 

The - market seesawed 1 
throughout the week, up Dne- 
day and down the next mainly 
following the erratic trend in 
gold. The cash price premium 
has been just maintained by 
continued buying from one 
influential group, who earlier 
this year were involved in the 
bid to control the tin market. 


BASE METALS 
COPPER : 

Amalgams red Mnal Trading reported 
that in tho- morning cash Highar Grads 
traded or C89&50. three months 
C892.00. 93.00. 92.50. 92.00. 90.00. 

91.00. 90.50. Cathodes: Cash £835.00. 
three months £853.00, Kerb: Higber- 
Giade, three months CBSO.OO, 90.50. 

90.00. 89. 5 Q. Afternoon: Highe r Gra ds, 
cash CB83.00, threa months £888.00. 

91.00. 91 .SO. 92.00. 91.50, 91.00. Ksrb: 
Higher Grade, threa months £883.00, 

32.00. 9U00. 90 00. 90.50. 90.00, 9U». 
Turnover.' S9 & 50 tonnes. 

' ' <■ a.m. . 4- or pjn. 4- or 

CO PPEfl . Official L — [Unofficial, — t 

HtgWrda £ )*]■£':£ 

Caah^_ 8S6-.6 B93-.S \-9JU 

3 months 8BO-.5 1— 3 ‘ 8B1..5 !-JJ 

SotUetfV't 895,5 ; -4Jfc — -. 

Cathodes 1 

Cash., 834-5 >-l ! . 833-5 -3 

3 roonth* 853- 4 -2 1 862-5 — 4J 

Settlam't 835 — 1 ■ — 

U-S.prod. — - - 1 *72-75 ■ — 


However, heavy selling of cash 
linetal emerged and a sizable 
increase in LME warehouse 
stocks, attracted by the higher 
prices, is expected. 

Silver broke through the £8 
an ounce barrier for the first 
time since September 1981 this 
week reaching a peak of 616.9p 
before dropping back yesterday 
to 603.95p a troy ounce, still 
32.7 p up on a week ago. The 
upward move was encouraged 
by the New York market going 
through the psychological bar- 
rier of $10 an ounce, which 
triggered off charist and specu- 
lative buying Interest. 

The. change from a sterling 
to a dollar price contract, effec- 
tive from October 19. brought a 
resurgence of activity on tire 


INDICES 

FINANCIAL TIMES 

OctTSi OeL 2d"M*tir*flo Var ago 
230 .Td a50.P0' 250.61 . 258.6 1_ 
(But: July 1 't9S2 - 100} 

REUTERS 

• OrtT afOctT 2TMnh~itgo Yarage 

I512 J7 1513^4 1 515^ 1657.4 
{Baoa: Soptosnbsr 18 1931 “ 100} 

MOODY'S 

OetTsi Oct. a «*th agoi Varago 
■ "»80^ 97 9^ 999.9 1M0.7 

(Dmwmbsr 31 1831 - W0}“ 
DOW JONES 

Dow Oct. : OcL Month I Yoar 
Jonas 21 20 ago 1 ago 

Spot 1127.57 127.61 127J7, — 
Firtr'* -134.75 135.79 133.01] - 
{ Boost Dacambar 31 1974 - 100} 


COPPER: 

t-Casfe-^ 

mtniB- 


London gold .futures market. 
Tumour hit a. record 2.800 lots 
(of 100 ounces each} on. Wednes- 
day eieceeding the 2,336 Juts 
traded when the market was 
launched on April 19. Although 
trading subsequently declined, 
with 1,042 lots changing hands 
yesterday, dealers claimed that 
interest in the new dollar con- 
tract remains strong but .the 
gold market itself- is going 
through a quiet period with con- 


siderable uncertainty about the 
trend in prices. 

' The world sugar market re- 
mained basically depressed this 
week though rhe London daily 
raws price edged up £1 to £92 
a tonne. 

Continued wet weather ham- 
pering harvesting in Northern 
Europe Headed to support the 
market, as did a strike at 
French sugar processing plants 
representing 50 per cent of 
. national production. But any 
upward trend was held in check 
bv the publication of new pro- 
duction /consumption, forecasts 
underlining the serious surplus 
facing the world market. • 

1 ; London • merchants C. Czarni- 
' Jcow said' world stocks, already 
• at a record level, were likely to 
rise by 4m or 5m tonnes next 
season while a more specific 
forecast by Woodhouse, Drake 
and Carey : put the 1982/83 out- 
put surplus at 4.73m tonnes. 

'Other -soft (non-metal) com- 
modity markets continued 
quiet. March eoeoa on the Lon- 
don futures market ended £28 
down at £93S.5U a tonne while 
January eoffee gained £15 to 
£1,436.50 a tonne. 


NEW YORK; Octafaa' 2 2 

GOLD and ailvor improved madarataly 
os sailing pressure from pruuutere 
dacreoied arid ilia luwtr Uveia aum- 
ud aama buying; acina ti tire 
siaad,naa& wan aiinbuiiad To lu^al 
shun kOvaung. Copper ruccupad it-. 
lc.»Sca and cloaud madaraialy highMi 
Oq a Fiiina iaia cut und luniiar spe- 
culation of lov/vr mureai rets* 
birewureged buying. Sugai reiired 
simply alter pubi>(.>non oi Mvourepla 
world production aenmaias by two 
independent . saurcaa, and lower pro- 
duoiren figurea lor Franca lor ilia 
current crop yoar. Cohen prnres 

NEW YORK 

COCOA 10 tnniMB, S/tenna 

Latast High Low Prow 
Doc - 1467 liifiO 1427 1426 

March 1660 1562 1S21 1519 

May 1566 1583 16/2 1£fi3 

July 1642 • 1642 1616 1bu3 

Sapt 1670 1630 1670 1M3 

Dae lufiO IBM 1650 1684 


COFFEE •'&' 3T.Q00 lb. 

LaUEt High 
Dae 141 .20 141 GO 

March 116.29 136.35 

May ■ 120.26 130.26 

July 126.25 1 26 25 
Sept 129.73 133.75 

Dec 121 00 121 00 


March 118*60 117 00 117.01 
COPPER 26.000 Ibe; canta/lba 


cantt/lb 
Low P/0V 
130.15 133 32 
133.90 13603 
128X0 129.00 

126.00 IS /5 
122.36 1 22.70 
119.50 130 13 

117.00 117.00 


impldvad an tight nearby aupphaa. 
Cecaa raportnd alight gain* in 
luoidiulaa* irtdmg. Heating oil 
r«iiijiii«d undur mobure as the loanoa 
bl ilia pravipua day bfoughi lurthar 
liHU.Jal.un. Tha park cumplax fin 1 shad 
lire Jay. slier dull Hading, on a 
ate/Jy nciie Hi iiidicsiians ol improv- 
ing do iiiaiiil loJ tu aunre ahort-covar. 
mg. taihda cento cluood mixad. Maize 
Lanre uudor haavy pmaauro in reaction 
to icpurig cl sn uicreaae in farm hold 
aiavka and rested contract low* while 
wl.eil Lcuelilcd cUytvUy tiom daclm- 
,n 9 al-cka. Cuiiun lust ground aftar 
publitairen of nogahve export figure^, 
ropailM Haineld, 

CHICAGO 

LIVE CATTLE 40,000 |ba; cant*/ lire 

Cloao High Low Prev 
Dao 61.77 B2J0 B1.42 81.70 

Fab 80.12 60.82 80.06 00.45 

April 60.15 60.95 60.10 80.45 

Juno €0.73 61.22 00.80 60X5 
Aug 63.75 53.36 58.75 58J0 

Oil 5 7.92 57 90 57.77 57.80 

LIVE HOGS 30.000 lire; canbr/lbo 


MAIZE 6,000 bu min; cans/36 lb-btf*ttaF 


Oct — 

Nov.. 

Dan. 

J*n— 

Fob- 

M«rch ...... 

April 

May- 

Juno. ..^_ . 

Turnover: 

tnnrea. 


LONDON FUTURES 

Yo« , r<lBLy , a'+'or“ 'Bminoan 
Msntn close — Done 

S par troy 
ounce 1 

DM.m&r al&llotS 12:^0437^0 28.7 


Tin— Morning: - -Standard, cash 
£7,375. throe month* £7,366, 80. 55. 50, 
55. 6U 65. Hr gb or Grade; Cash, £7.380. 
Kerb: Standard., threa month* £7,366, 
75. 8a 90. 85, 90. Afternoon: Standard, 
three month* £7.380, 90, '7,400, 05, 10. 
05. 20. 25. 30. 32. 35. Kerb: Standard, 
three months £7.450. 7,450, 45, 40. 30, 
20. 10. Turnover: 2,510 tonnes. 

i _ a-in. +or . punT - + or 
TW* ; Official. — Unofficial; — t 

HKih Grade £ £ ’ £ £ 

cSb 7375-80 *20 7445 SO +*0 

3 month* 7565-70^88^ 7430-5 iM 

Settle m't 7380 +6S. — 

Standard 

Cash .... .. 7371-6 . *24.0 .7445-50 ,-rtO 
3 month* 736570 *58.6 7430-5 ,-tBB 

Settle m-t 7376 +25 — ■ 

Strait* E. :f 2 B .18 ...... — 

NowYork — : — _!j~_ 


a-m- + or. p.m. + or 
: ZINC ■ Official — ■ Unofficial — T 

£ . £ . £ £ 

Cash 441-.B -US 4453-6.6 + 1.5 

3montti»450.S-Z.5-«JB 456-6 

Satttom't 4413 -33 — 

Primwt* — . -- '40.0-42.76 


BREDS — Close (in ordar buyer, dellar. 
business) New Zeeland cams per kg. - 
Oct 354. 365. nil:' Dec 371, 375. 273; 
Jan 381. 385 . 38+380: March 390, 2S6. 
395-389; May 401. 402, 402-399; Aug 
420. 426. 422-416: Oct 422. 429. 429- 
422; Dec 425. 431. 430424; Jan 430. 
'433. 432-425. March 433, 436. 435-420. 
Sales; 164. 

SILVER 

LMErriu mover 131 (165) lots of 
10.000 ‘ or. Morning;' Thres months 

820.0. 19.0. 17.0, 16.5. 16.6. 16.1 Kerb; 
nil. Afternoon. Three months 613.0. 

12.0. TO A 09.5. 10 0. 11.0. 17.0. 18 0. 

19.0. 1B.5. Kerb: thiee monih*_619.0Q.__ 

20 00. zi .fi>. 

•' SltVBR ’ Bullion - x or-UM.C +ur~ 
por fixing — P.m. — 
troy ox. , price Unofflo'l 

Spot ~603.9Op -15.0 608p. —3:5 

3 month*^16^5f> -13.66 18J75p. - W 
6 month*. 628.75p -14J — 

l£montha66£.«ipj ; ;-14.2 — 

Silver was fixed. 13p on ounce lower, 
for spot delTvery "in ’ ore London bullion 
market. yesterday at 6Q3.9p. U.5. equi- 
valents of the liJ-inq levels were-: spot 
$10.26.' down 33.3-: ; ' ihree-momh 
510.485. down 21C; *i.-mon!h 510.724, 
down' 22.9c: and 12-month Si 1.21. 
down "22.4c. Tha metal opened at 597- ' 
599p (510.14-10.19) and clostd et 609- 
.61 tp_ (SIP. 36-10.40} . _ . _ _ . — 


ALUMINIUM 

Ahauhiiuiii Morning: Threa months 
£585.00. 8430, 84.00. 84.50. 8S.00. 

84 50. 84.00. 84 50- Kerb; Three month* 
£385.00. 86.00, 87-00. 06.00. Aher- 

-ooon: Three months £585.00. 85.50. 

85.00, 86.50. 86.00. 83 £3. 58 00. 87 00. 
Kerb: Throe months £587.00. 06.00. 

85 00. Turnover 16.800 tonne*. 


AJurain m 

sun. 


p.m. '-4- or 


Official 


Unofficial — t 


£ 

£ 

- £ • £ 

Spot. 

668-9 

-1.5 

570.5-1.5 »2Jj 

3 months 

5WKS 

■—2 

586.5-7. +2 


COCOA 

Yesterday 1 ! 

' COCOA Cloao or Bualneaa 

. — — — Dona 

£ par tonne 

• fw- 962-64 ~+ *65 51 - 

March 993-94 -rlO.O 995^5 

May- 1011-13 -7.5 1015-07 

July_. 1030-33 +6.0 1034 27 

Cap t— - 1052 54 +.10.0 1054 47 .. 

(So- 1072-76 +12.0 1073-70 

March i .. 1080-90— 7.5 • _ - _ 

sYibi: L07B ( 2.6S4) Toro of 10 

tonnes. 

— 1CCO — Daily- price for Oct 22: -72.-93 
(71.88). Indicator price lor Oct 25: 
72.67 173.19). 

-COFFEE 


BuafnBss dona — Wheat; Hov 112,65- 
2 20. Jap 115 86-5 55. March 118 T5- 
8 55, May 121 .75-1,60. July 124.25 only. 
Son: uncrcded. Sslas; 355 Jots ol iM 
tonnes. Bari ay; Nov 107 25-6.50. Jin 
111. 10-10.70. March 114.15-3.70, May 
:v7.C5-6S0, Sept 107 25 c.nl». Salaa: 
2A ivU. J ICO tonnes. 

POTATOES 

April and May opened around £1.00 
hiyirer and irodad to £2 00 up before 
easing back on proiii-teking. The 
m+rker more active than racamly 
und closed steady ih mid-range, reports 
Coley. sod Jfarper. - - — - 

Ycrtard’y Frevloua ! Builneae 
- M onth — oiesa— otoa o - --Done 
£ per tonne 

NOV...-' 56.60 68.60 • EflJfl-53.SB 

Feb.—.. 67 .50 ! 66.40 87.86-tii.Sfl 

April... . 79.50 1 77.90 79.98-73.ifl 

May ,<... 66.50- - 87^0 -- efl.80- 
Mqv 66.50 ' 66.40 efl.Ukad.Ml 

Turnover: 483 f232) lots of 40 tsnnee. 

RUBBER 

The London physical market opsiiad 
slighrlv steadier, eased on rrewa'ol tha 
lowanng.pl tha duty structure in 
Malaysia and closad easier. Lewis and 
Peat reported a Uoventbai Tub p’nta 
for- No 1 BSS_in Kuslu Lumpui .ut 

205.0 (samel cents e kg and SMH 20 
172.5 (173.0). 



CJmo 

High 

Low 


Doc 

Class 

High 

Low 

Prev 

Oct 

67.06 



—re 

tfi 23 

217 2 

219.0 

217. 2 

220.6 

Nov 

87.30 

• 



March 

231 .4 

2334 

231.2 

235.2 

Dec 

67.26 

88.35 

86.20 

6716 

May 

241 6 

546.2 

241.2 

245.6 

Jan 

68.20 


— 

67.69 

July’ 

549 2 

261.4 

248.0 

2S3.6 

March 

May 

89.00 

10.00 

63.50 

<0 36 

EB.15 
63. M 

65 30 
60 20 

PORK BELLIES 38.000 'ib*: cmu/lba 

July • 

70.96 

71.20 

70.10 

7u 10 

Fab 

Close 

High 

Low 

Prsv 

Sspt 

71. SO 

TZ.SO 

.71.50 

71 00 

82 10 

82 40 

80.40 

81.02 

D»c • 

73.40 

73.60 

73 00 

72.50 

March 

81.17 

81.30 

78.00 

80.30 

March 

74.75 

74.60 

■74.33 

72.55 

Msy 

80.10 

60 55 

73.70 

78.07 

May 

76.65 

— 


73 

July 

78.30 

78 76 

76.70 

76.85 

Jury 

78 56 

77.00 

78.30 

75 1 A 

Aug 

75.92 

75.95 

74.30 

76.25 

COT? DM EO.0O0 lb. cinta/ib 


Much 

TO 25 

70.25 

70.25 

W-S5 

70.25 


latest High Low 

Dee 64 33 64 54 84.26 

March £6 45 C6.G5 66.30 

e7.90 63 00 C7.92 

69.10 £915 EB.&5 

£9 30 £9.?0 68 50 

69 25 63.4J L9 00 

IQ O^troy 01; 3/trciy oi 
Close High Ltr.v 

431.3 432.0 427.0 

431.7 — — 

435 5 438.5 423.5 

■ 442.2 445 0. 435.0 


SOYABEANS 5.000 bu min: 
cants/lb tOlb-buehel 



Close 

High 

Lew 

Prev 

Ncv 

528.8 

532.0 

526.0 

830.2 

J«n 

543 4 

546.4 

541.4 

545.2 

Mjieh 

556.2 

560.2 

565.0 

SBB.O 

May 

hbS 4 

570 4 

546.4 

570.2 

July 

575 4 

577.0 

573.4 

S78.0 

Aug 

576 6 

577.4 

575.0 

578.4 

Sept 

574 4 

875.4 

574.0 

*77.4 

Nov 

575.0 

575.4 

573.0’ 

578.4 


SOYABEAN MEAL 100 torn: 5/ton 


-April 

. —449-3- — 4W 0 

-443.5 

■441 0 


Close 

High 

Low 

Frew 

June 

456 3 

456 5 

451.5 

4420 

Dao 

158 0 

158.5 

156J 

1B7.7 

- Aug-- 

- -463 5- 

4W 0- 

461 &- 

-465.2- 

Jen 

160.2 

160 5 

158.5 

168.8 

Oct 

471 T 

— 

-TOM 

462 7 

Match 

102.5 

163.0 

161.4 

182.2 

Dee 

479 0 

<t&2 3 

#72.5 

470 4 

May 

1M.0 

165.0 

163.0 

1WL2 

Fab 

487.0 

a~re 


478.3 

July 

IM 3 

167.0 

164.5 

166.5 

April 

455 2 

— 


486 4 

Aug 

165.3 

166.5 

164.5 

1*6 J 

June 

503.5 

— 

MO 

4SI.3. 

Svpl 

165.5 

166.0 

164.5 

166.0 

Aug 

512 0 

— - 

— 

503 0 

Oct 

165.0 

165.0 

164.5 

165.5 


SILVER 8.000 troy oz; canta/trcy ax SOYABEAN OIL 60.000 l b s; cent»/lba 


LEAD 


- ■ Odd BuWon (fine ounce? 

Ctata—- *420430 (SUSie-SB* 54?3 , -s- fl Z«^ 

Qpenltw- »» 9«ir493»l (£860-830 1*; 8432-'* 433h 

Mondug fitting... *496.88 .(£361,001) C432.26 

Afternoon fl«iofl.;»43a . . i£35;383, H 32.60 


r£2525t-B53iat 
(«'.*» i«-266S») 
,1^50 .864 1 
■£254.9071 


Leed— Meininu; Cash 095.00, three 
month* £306.00. -05.50. • 05.00. 04.50. 

04.00. Kalb: Three montha C303.50. 
Afternoon; Cash- £300.00. three month* 
E303.C0. 02.50. 0C.CD, 01.00. Kerb; 
Three month* £301.00. 01.50, BLW, 

00 00. Turnover: 22^60 tonnes. 

kJn. +or p.m. + 0 
LEAD Official — jUnofflsUtl - —1 - - 

" .- e ® * 

Co*)U :29S-.B 1-8 • 291-S -Si 

3 month*. 303-54 ^J aQOl— .J^.. 

SotUem'b S96.S -S 

ILS. Spot - ■ *23-29 


. Gold (fain* Oct. 32 


ZINC 


irztf 'mm 1 '* 

U Kroe (118-117 
vn Krug ; 1471*48 1* 
MapMoal 94421*444H 
Now Bov illDimOB 
WKew 8ov.f6ft* 61H 


(£26Btfl^eoi KhwSQV 9100 102 

i£l34’« 134>{J .Victoria Bev -S1DG 103 
,£Mii-69i French 20* *»B6ic 
iCMSSij) .‘SOjMfnlfcx 8516-818 
i£260"i-28X’i) 'lOOCor. Au*t *415 420 
(£89^-801 MO Eagle* -0480-489 
v£56U-S6i|: 


{£6834-59*41 

1 £50-6 L 
i£305l|-305> 
.£S04*-247n 
(£988+285}; 


ZMe— Morning: Cash £439.00. 4000. 

41.00. threa months WK.OO, 54.50, 

54.00, 53-60. 63.00. 5200. 51.00. 50.00. 
Ksrb: Throe' month* £483.00. 5*00. 
K.00. Afternoon; Threa montfn 
£454.00. 55.00. 56 00. Korb: Tore* 
months £455.00. 54 00. 53.00. Turn- 
mar. 11.650 tonnes. 


NICKEL 

Metre*— Morning: Three montns 
£A33D. SOT 80.' 65. TO. 68. Keib: 
Three months E2.26C. Aitarnaon: 
Three months £2.363. 55. GO. 50. 40. 
4S. Kerb: Three months £2,350, 55. 
Turntwer: 1.284 tonnes. 

NICKEL sum. + or pjn. +or 
OfTictal — -Ifnoffteial — 1 


Spot.... 2345-SO -28 2320-3 -87.5 

Smooth* 9365-70-853 8340-5 -» 

“’Coma per pound. (MS par kilo, 
t On prmrioe* uootScial close. 

WOOL FUTURES 

SYDNEY GREASY WOOL— Cm** (:n 
order buyer, leiier. bM.MU). AdStra- 
Iren coot* per leg. Oe* 50SA 515A 
519.0-517.0r Doe S20J). 521 A 52L0- 
520.0; March 537-0. 538.0. 537.0; May 
5*2 1. 543.0. .542.0-541.5: July 5*7.0, 
552.0 5S0.M49.5: Oct 5»1.5. 5<50. 
umnded: Dee 547 0. 5*9 5. 349.0; March 

552.0. S6-0. 555 0. Salas: 65. 

LONDON IEW ZEALAND CROSS- 


Yoaf day's + or Business 
dose — ’ Done 


Nov. : 81s -“16 -8.0 1625-15 

January .... MS538 —9.5 1450 55 

March 134647 -7.0 136E-46 

May 1294-96 + 6.0 1502-85 

July «-.-1249 SO - -r 6.5 - 125545 

Sept. 1215-18 -1.5 1223 25 

NOV I1S0-S6 —21.5 1185 80 

■" Sales? 3.430- (8.018) fore-of •5-tonn*s> 
ICQ indicator prices for Oct. 21 |U.S. 
rents per pound): - Comp daily 1979 
12B. 64 n2857JTT5-day a vflragV ^ 128S8 ' 
(128.92). 


No. 1 Yoatordys Pravtouj Btisldosa 
R.8J. . dose clan . Done 


Nov 49.4W9.70 49.6W9.80 4fl,fi0 

Doc 60.40-80.50 6B.7B-bC.B8 — 

Jon- Mar 59,10-62.20 6930-52.60 68.20-5S.10 
Apl-Jno 64.70-S4.ai 54.90-66.0U M.ufl 54.70 
Jly-8ept5T.1U-57.m 67.SU &T.60 67.H-b7.Ul 
Oct Doc 59.60-69.70 59.70-69.riD 59.00 
JanMchB2.Ut62.18 62.10-62.5U 02.UI 
■ AprJno~W.40-e-r.50 64.59^4.78 B4.4B-W.M 
Jly-Sept6B.se-67.00.B7.S+»7.i0 
. ' -SJJe*, 245 _ '|63i~ lota ol- 15 -10^11 a a. 
S 1 nnj lot* ol 5 tonnos. 

Physical closing prices (buyer*) 
w: nr Spat 49 00 (asnie)- No>r 51.75ir 
(52.trDpj; Dec .52 OOp (52.25p) 

SOYABEAN MEAL- 

Prices opened slightly lowur on lack 
cf IciUow-throiifth reports T. G.. Roddick, 
end eased on frads selling but corn- 
menu 1 oomand at lowur lavala 
■usd.t-d tire market. 



Close 

High 

Lav/ 

Prev 

Oct 

10S3 0 

1050.0 

1028.0 

10095 

Nov 

1055,5 

1045.0 

1045 0 

1012 5 

Dec 

1063 0 

1065.0 

1032.0 

1020.0 

Jan 

1068.8 

1058.0 

1039.0 

1026 5 

March 

10804 

ioes.0* 

1050 0 

1039 5 

- May - 

•1084-0- 

1QB5.0 — ttnwr - 

10»5 

July 

1107.6 

1090 0 

10C5 0 

1068.0 

Sept 

1121.2 

1106.0 

10SS D 

1032.5- 

Dec 

1142.2 

1135 0 

1119 5 

1104 5 

March 

1163.0 

1133.0 

1132.0 

1126.0 

-May 

1176.8 _ 

-J- 

— 

11-UL5. 

July 

1190 6 

1180.0 

1180.0 

1155 0 

SUGAR 

WORLD 

ii" 7 

Itiiooo' 

lbs;" 

cents /lb* 





Close 

High 

Low 

Prev 

Jen 

.£.50 

6.48 

£29 

£.20 

March 

■ 7.39 

730 

• 7.06 

e.99 

May- 

7:57 

76* 

7.37 

7 29 

July 

’ 7.82 

7.83 

7 £0 

7.54 

-Sopt - 

-B-.lO 

•8.10 

’ 8.05 

7.90 

Oct 

828 

8.30 

8.13 

8.10 

March. 

-8.12" 

' — 

_ . -_j_ - 

- 9.00- 




Close 

High 

Low 

Prev 

Dec 

16.95 

17.0S 

16J4 

17.11 

Jon 

17.11 

17.21 

17.11 

17.25 

March 

17.48 

17.55 

17.47 

17.61 

May 

17.78 

17.85 

17.78 

17.92 

July 

18.15 

18.20 

18.14 

18.28 

-Aug 

13.15 

18 25 

18.15 

18.27 

Dec 

18.65 

18.85 

18.52 

18.5S 

WHEAT 5.000 bu 

min; 



een(S/60lb-burih*l 





Close 

High 

Low 

hw 

Dec 

304.6 

305.0 

— 

301 .6 

March 

323 0 

323.0 

318.4 

320.4- 

May 

331.4 

331.4 

327.2 

329 JL 

July 

336 0 

336.4 

333.2 

395.2 

Dec 

361.0 

361.0 

360.2 

382.0 


Yestordya -for 
Close — . 


• --a 

per tonne 


B mines* 
Done 


GRAINS - - 


Yesterd’ys +or YestTd’y* -for 
Mnih ' doe* ' =•- — . dloso — • 

NOV- 112.55 

+0.S5 

107.35 

■ -0.45 

j*n... 115.B&" 

+0JB 

111.10" 

+DJ«1 

Mar_ 1I8.7S 

■ + 0JS'' 

114.15 

iO.W 

May-: 121.75 

■ + OJO 

117.05 

+025 

July- 124.40 

• + OJS 

— 

— 

SOP. 1 12.25 

—0.10 

1072S 

“ .. 


-Dae-.;..-..7.-.r 110JO13.9 —0.76119-60-18.10 

pS 121JQ-2S.0-a.Bfl 182.6*21.48 

April ■ 1 22. bO-25.1 -0.66 l£fl J8-2SJ0 

Jbno- -0.66 W-M-M-M 

August 125.&a:4.D -0.7B 124.60-26.68 

October .... 124JD-25.Q— 0.55 124.-70 

Spier- 428 (48) lots of 100 tonnes. 

• ■ SOYABEAN • • OIL — Pricea opened 

S3.0O lower, on lark ol demand and 
. ctoaed- weaker. .. Clo*« (US. "S par 
mnnel: Doc 424.00, 428.00. untraded; 
Fob. 431 .DO. 435.001 436.00-434.00: April 
435:00, 439.00. 437.00, June 038 00. 
443.00. untraded; Aug 441.00, 448.00, 
untraded; Oct 445.00, 452.00. untraded. 
Sales; 12 (1) lots of 25 tonne*. 


SUGAR 

-LONDON DAILY -‘ WtlCE^->.av7 sugar 
£92 00 (£90 001 o . tonne cil Ocl-Nov- 
Dec shipment While sugar daily pr»ca 
£110.00 (£111.00). 


No. 4 Yaatardayj Previous Business 
Con- _ close close dona 
‘tract 1 " ! 

. £ per lonno 

Jan./:. W4J6'0ZJHL JOJSSSja 10 1-26-01.00 
March lBa.iO-U9.45TM.BWB.a5 1M.4M5 J* 
-May ... HS.5B-li.4B IM.S6-08.45 115.40 10JD 
Aug.... 116.90 1 1.10 IIS Jfi-1i.i51U.M l«JW 
OoU.-... 122J0 22.90 1 19 JO- 19.65 122.80 20.00 
Dae. . - 12E.6D-62J0 1 2a JO 24.60 125.00 25.25 
March .I32.00-34.no 127 .00-29.50 - 

Salas: 3,314 (2,541) lots ol 50 
tonne*. 

Tata land .Lyle delivery price - for 
-granulated basis while Sugar was 
£405.90 (same) a tonne lor home 
trada and 096-00 (034.00) lor export. 


SPOT PRICES— Chicago loot* lard 
21.25 (same) cents per pound. Handy 
and Harman bullion silver 1034.00 
(1030.00) Com* per troy ounce.- -New 
York tin 578.00-582.00 (571.00-574.00) 
cents - per pound. 


Internetlcnal Sugar Agreement (U.S. 
cents per xanna) Job and atowed 
Caribbean pom. Prices loi Oct 21: 

“Dsil / price 5.92 (5 81); 15-day da livery 
5.62 (5.79). 

GRAINS 

LONDON GRAINS— Whoan U S. Dark" 
Nuithern Spring No. 1 14 per cant Nov 
111. Dac 112.75 transhipment East Coast 
sellers, English Feed fob Nov 117.25 
Ed&i Coast. Jan/ March 121 Beat Coast. 
NUice: French Nov 136.50 transhipment 
East Ceasr S. Africa Yellow Oct/Nov 
80 East Const. Barley: English Feed 
tab Ndv 111.50 Ea*t Coast, Nov 111.00 
East Coast Scotland. Hast unquoted. 

HGCA—Lacatioiut ex-farm spot 
pritas. Other milling wheat: Eastern 
111.60. Food barley. Eastern 106.10, 
E . Midlands 103.80, N East 104/80. 
Tha UK monetary coefficient (or tire 
week beginning Monday October 25 !■ 
expected to remain unchanged. 
















































Ill 




to I':DcStk 1 926 lor ilw) 
U. 3pc5(k 1947 "W altWJ 
S"a>cStk 1946 w alter I 


It., Council llPCStk 1983 
IBCSIK 1989 £107 i ■ 
JWjBcStk *371* ,19 101 
M) llpcSUc 1986 £105-1 


lflsS n £jo|J ,l * 0, ‘ Ocreush rt) 12’ipr5tk 
^03*?}5 , ^j C ®“ n o« 15'nKitk 1985-84 
ElOO?" . ’*"• Ctemcil lO'ipcStk IMS 

°®SP»SSIS» aorouBW UUoc 190fl 

1 5 0unCY Council SijpcStk 


BREWERIES 


1 3007 tlOS-'i. 

’9S£b 6 llO*^® 7 

K s3e* , W2iL£* B <?* ?a ''Rdv»I Soroush) 1 1 Vm 
Lw5» i&ST?? '*10Hj aO'IO) 

£S2S p«ST , ,! 5!!«*I' 2006 £.114:, >, 
Tj3S 1 iS P 5..5p=I>h 1937 I or alien C=3 
ri- y” 1 on 1 3 dc 1985 £1051; 

<CttV) 1 1 .SucSck 2007 *£25od 

h fiS!^^ai,SS PB Sort ik 1926 lor alter) 
aSfLt 1091 3 dcSU. 1941 < Or 

liiMSIoi 1 4pclrrdStk C30J, 

N S?fc C 2or5 U ,??'* T * n « 'Citv or) 1 1 1, pc 
NeSSriSiI i,** 5 *"” sasiw 'i» H 

”® P Stf,TO , ff5gi c « »"*«** 1M1 " 

N f??? r *. Of WtoFitl 4oeGia 1 98S 


y ™ * Bec ” 1988 
goMhiBhani Corn SarSfk rnr. 


Clgg" *-OrB Sort Ik £i2.-j 
St vE4«5" r ?.® l *oeSm 198384 £98 U 
Satfrn^w?.. ***?■> 1 1 '.ccSri, 1985 £lOl 
o5To) C ” 5; >oeStk 1986-88 £80 ■< I* 

3§*i iW»W£*-H." £,00, ‘ 

^SScJliTSfe * M '° ta "* ,KStfc 1M6 


SfiwflSft,*- 9, - , ' stk , « i -» 


AorajSUdeStlf 1983-88 *86’*. 

.atMSBy’lfos!? 11,01 uc ®-' 10, - 12! BC 


*3S8ft 


ir’^jcSrt. 2006 £115', 


iW S , ‘ ioSioeStk 1984-85 £100': 

£1 Q4rt- B ff 9^ o“ ITtY CouncJl 1Z ‘XS U( 1388 

W /2L, l te t !S!S* , ‘ | to Main Dram BUDcSlk 
lWT-aj £39 ^ 


tTK PUBLIC BOARDS 


1981-84 £95. 7‘,deDb 1991- 
>75. 9 UnrDfo 1 960-85 £95',. 

2i?*55£?. 1 .$ ,1 *3 £99: : 3, 120-101. 9'>DC 
Qbl 983-86 £95 S'*. fl'.ocDb 1985- 

1*2 £93. TOVocDb 1993-95 £88 'in 
CMW. 14irt»cDb 1984 £1041. 
C !i' ,a S.E D ?_ Au,l,oritv 3 pc5Uc £18 1 1 B,' 1 0>. 
dpcStk £24 '19101 

fi nance lor Industry 14ocLn 1983 £103', 
Metropolitan Water Inc A 1963-2003 £351- 
N ?£J!i, Ejsi Lmcolnshii^ Water 6 >:dcSUc 
.1982-83 £90 €19:10. 

Nertheni Ireland ElrctHe.tr 6';pe 1981- 
125? £ 9 ? .19,0). 7I.-PCHV 1983-85 
£92 V 3 .20:10) 

. London Authority 3 pc A St* 1929- 
:22S £ 27 ': 8 '15 101. 6'rorttk 1987- 
1990 £51 

SCOKiSh Agile lO'jpcOb 1989-91 £92 ‘i 


COMMONWEALTH GOVT. 


E*« African High Comm, Mian 5'iOcStk 
1977-33, i Railway t Harbour*' £98 <19.10) 
Jamaica 8i,i>c5Ek 1981-83 £96-'i <1540) 


^ 3'jDrttk 1981-84 £91 


S«tJ|j ^Australian SocStk 1916 (or alter) 

SouttlDrn ' Rhodesia 4irocSlfr 1987-92 
'Awn ted I £51 A. 4i-pcStfc 1987-92 

OJnassented) £ios nft'10) 


COMMONWEALTH COBPN. 


C^aiKa <Pdrt W. India SpcDb 1923 £80 
/19.'101. SacDb 54'iB4 £65 -19 10) 
Jersey EiectncJtv 4 pc20D0 C7 1 2'i« 


*1010) 

Young 9pcP1 <£11- 112 


COMMERCIAL INDUSTRIAL 


FOREIGN STOCKS 
(coupons payable London! 


AAH 6pePT C£1) *7': *1910) 

AE Botin 1989-94 £66 *18-10' 
i AEC1 Sl;peH 1R2, 11 6161 Oi 
Al Industrial Prods 60cPf <£1> 27 .20,10) 
APV lOddlstDb 1990-95 £90 (19101. 

101, Pstn .1997-2002 £184 8 (2010' 

Aaronsan Bros 4.2SpePF <£1) 43',: 4: 
.15 101 

A craw. 5 <:pcPI l£D-S8 11910). . BpdLn 
1992-2002 £45 :• .20MOi 
Advance Svcs SocPf <£1 ) 51>i I1M01 
Adwest 1 Q'. -ncl.il 1995-2000 .£200 
Acrilnie Elrainn Teordnta lO^ocDb 1991- 
96 £U n-8.n0' 

Albion <2dpJ 6 ClUIOi 
Al bright Wilson 7'.w:Db 1985-90 £81 

.19 10J. BpcDb 1987-92 £81 2>4 
Alcan Aluminium £14 1,® 

Alcan Aluminium lUKI lOi pcLn 1989-94 
£89 (19100) 

Alexanders a (ion) 7>: n»noi 
Amalgamated Metal -S.JdcP! 'fill 63V 
American Tel Tel K16i) £371, 
ArroJeartc rspl 9 n&-10). A «5»i 9 
019,001 

Argus Press 7:«icPf C£l) 45 C1-5.'-'0) 
Arovll Foods Wts 34 6 
Ariel I nds 29 

A murage Shanks lOoc 1989-94 £911, 
(19/10) 

A sorer 61-ac Prf (£1) 56. 9 '.PC Prl 


8 ^P«tn 1907 £70. 7iy>cLii 1928 

1*7 (ID 103 

China 5pe _ColdLn 1913 £11 H8.10). 5pc 


GoldLn 1913 (French issi £8 (19 101. 
Imp Rly spe GoldLn 1899 £10. 4> : p< 


GoJdLn 1908 £40 (1E10J. 4',K Cold 
1908,IFrcnch Issl £40 .18,10). Imp 
ChlnRIv Spc (Ser 11 ts hb 


ChlnRIy 5 PC (Ser 1i £5 H8,1D|‘ 

Denmark IZpcLn 2005 £98 >- 

Greece ->ot Rentes 1869 £40 '18 101. 
4pcRlvLn 1903 £40 (18,101. 5PC 1914 
FndnBlte 1965 £411- (2010). 6octn 
1928 1965 £43'; 118-10) 

Portugal ExiSdc UstSen £37 I15/T0) 

RiO De Janeiro Brail S'gPcLn £65 (18,10) 


CORPORATIONS-FOREIGN 


Caisse National* Dei Autoroutes IBocLn 
2006 £130', 

Pelotai SncLn 11 £65 (lB/101 
Santos 7pcLn 1927 £80 (1810) 


BANKS, DISCOUNT 

Allied Ir.sh lOod-n 1965 £102 C20 10) 
Bank Ireland (Got) 7pctn 1986-91 £67 >* 
Harelays B'.ocLn 1986-93 £6M a 2 1, I-. 


16ocLn 2002-07 £126 
Barelars International 71,-pd.n 1986-91 

£81 I; 

Banna 7' s pc2ndPf (£» 69 (15110) 


(£1) 123 (10)10) 

Asara-NIcholas S-',DC Prf (£1) 4B's 

(20:10) 

Assoc Book Pub 7'SPCPf '*la 50 C0*10. 
Alice 8 rtf Eng 7pcPI C£1) 46 (15nOI 
Asoc Brit Foods 6'g»C 1981.86 £88'. 
(201101. 7 Upc 1988-93 £741 .. Sljpc 

Uns 1087-2002 (50P) Zfii: 71, U0.I0J. 
7'^c,Uns 1987^2002 tSOn) 35. 7i-pc 
Cm Uns 1994-2004 X4B0 09/101 
Asso Dairies 9Wc Prl (£1) 123 (19/10) 


Cater Allen Hldfis SpcPI .£1) 42 H5 10). 
4.2pc2ndPf (£1i 491, : «*S (18,101 


Charterhouse Grp 5 7Soc2ndPI (£1) 67 
<20 10! JZCOb 1986-91 C77‘i Tffc'fOJ. 
B'gPCLn 1990-95 £80® 


LONDON TRADED OPTIONS 

October 88 Total Contracts 2,825 Cafli 8,350 Puts 468 
! i Oct. [ Jan. | April 1 


«»— iBSThSa ?! w - 


*"■ raff 


voi : Equ,ty 
! Close 


BP (cl I 
BP ic) 

BP ici 
BP (cl 
BP (pi 
BP (p> 

CU id 
CU IC) 

CU (c) 

CU (p> 

Cons- Cld CO 
Cons. Gld (oi 
Ctlda. <ci 
CUds. (ei 
Cttds. ici 
CU ds. (pi 
Ctlds.'p> 
GEC ici 
GEC (cl 
GEC (C) I 


! 92 ! 

72 • 


35 | 

54 

302 

32 

— 

6 

10 

16 

— 

22 

3 

15 

24 

9 

25 

14 


- 108 

2 88 

8 63 

893 40 

1 16 

3 22 

15 26 

8 19 

41 13 

. — ■ 18 

- i 97 : 


6 :340p 


— jl56p 


— (WTp 

I ’»P 


GEC (C) 

GEC (Cl 
GEC (Cl 
Cr’d Met. (cl! 
G'rd Met. (ej, 
Gr d Met. lor 
Grid Met. Ipr 
Grid Met ipi 
Grid Met (p) 
ICI (C) 

ICI IC> 

ICI (C) 

ICI <c) 

ICI (p) 

ICI (p) 


4 - 

12 — 

280 2 

250 3 

80 1 

10 I 4 a 


-1 I - 
- | 176 
6 [ 118 


- «1XS« 


— *896p 


6 laisp 


Land Sec.fci 
Land Sec.ic)| 
Land Sec-WH 
Land Sec.lph 


1 SO 
5 | 10 


_ !883p 

1 '. n 


Land Sec.lPli 
Mica A S o.l CM 


Mice ft Sp.ici 
MKe ft Sp.lc)! 
Mice ft Sp. (Oi 
MKBftSp. Ic) 
Mice ft Sp. (c) 
Mice ft Sp. (pi 
MKe ft Sp. (p;i 


Shell (c) 
Shell (c) 
Shall let 
Shell (pi 
Shell (p) 
Shell (p) 


ou 

70 

4J 

3 

74 j - 

SO 

20 

54- — 

10 

2 

22 

24 

3 i 

3 

12 

125 

2 — 

10 

22 

13 

. 19 

11 

50 

2 

- 60 - 

20 

62 

36 

B 

3 

1 1. 

10 

18 

n 

107 

a 


- ‘2Q8p 

'll 

7 i 


— !43Be 


88 j — 

November 


Barclays (d 
Barclays (pit 
Barclays (pi 
Bardaye Ip) 
Bardaya (p) 

Imperial ici 
Impanel io) 
Imperial loi 
imperial id 
Imperial (pi 
Lasmo (d 
Laemo (d 
Lasmo (c) 
Laemo (pi 
Laemo (p) 
Lonrho (d 
Lonrho (d 
Lonrho (cl 
Lonrho I pi 
. p ft O fol 
P ft O (d 
P SO(el 
P ft O u» 
Racal (cl 

BacaJ t«) 
Racal (O) 
Racal (of 
Raced (p) 
Racal (p) 
HTZ loi , 


420 

12 

4 

25 

10 

53 

360 

1 


4 

5' 

— 

360 

2 


5 

10 

14 

417 

15 

~i 

— 


— 

420 

18 

2 

25 

35 

45 

90 

30 

- 

33 

1 

36 

100 

20 

9 

23 

11 

26 

110 

11 

15 

16 

— 

19 

120 

5 

104 

10 

12 

14 

120 

7 


9 

37 

12 

300 

87 


107 

2 

118 

330 

60 

10 

65 


98. 

390 

20 

14 

40 

12 

56 

330 

6 

2 

13 


27 

390 

42 

6 

50 

— 

65 

80 

12 

31 

17 

B 

S3 

90 

4 

43 

10 

7 

14 

100 

1 

— 

41s 

15 

eig! 

90 

s 

30 

6 

— 

10 


160 ( „ 

“ I « 

• - 1 n 

May 

- |419p 


- liwp-- 


— j374p 


— I „ 

= ! s: 


1 1 8Bp 


15 I B 

4 I 5 

1 — 

4 — 


HTZ IGJ | 
HTZ (o) 

Vaal Rff> U»l 


2 ! — 

12 66 

90 , 1 

50 i 12 

20 I 18 

4lg| - 


28 13 

— I 7 

18 I 9 

— 115 

1 85 

B 80 

3 1 35 

~ l. 38- 

— : 107 

2 ] 75 1 

• 5 54 I 

10 i 13 1 


- ieesp 


5 467p 
8 I „ 

i w 




•MO (19/ 1 


Llovds 7 i.-pcLn 1964 £109' I 
Lombard Norm Central 5«Zm»Pl t£1) 41 

Meivuiv'sccs 6«Ln 1981-86 £85',® 

Mlaland 14uctn 2002-0. £lp9'4N 

Nailunai W«n4min»NT fNNriSi' 44 

e: 9fKLn 1993 MO i 1 . 

Rtf, flrov 60. 4.2BCP1 .£1) 49',. 50. 
Royal Dank Scoilano- S'smai (fill ' 
(1510). IIpcPI (£1) 96': 7 5 (20 10' 
Schrodrrs B'aOCLn 1997-2002 £79^, 

SmWi^ SI- Aubvir iRIdsU-O 4 ,Bc2npPj (£1) 
Standard 11 ^"hinercd 12'*P4Ln 2002-07 

Wlnirus, 4 10'"*pcW .£1) 112S 


rao.”?*! ts^KSS-sJ&S 

' : 4^dg’ iSe^= i’- 3 ■- 

fiS'feHSsai ‘Tiaisfci’w 

flS’loi. “. 1 jNLn t, W1° , '(l 6 s'l B 5>. n 7 vtri.‘n 

1993-98 £74', _ Rl . 

441, MS-IO.- 

. c g8g^^j£ , ! £sr nr, 

saasft. A d . 0 i*i“. •*« *• 

GrUnninS-^ SSJd-n «f 

£M C^ 4:7:5 
Hardys Hansons 440 «’*• J®' 


Any, ElMTrk^l fc95 •* 

■%OIIO. B?pc 1MM1 rz OrtOi 

FiMienm 4**pc Prf f£ll 35 11810J. 

Asmk Paper l"d 5 1 A 8 Mans, 

J w r fe" l 9J ,s ” ' s0 ‘ *"■ e " 

fiSmemi 1 »S"cn. 1990-95 £=28 
na id 


Hinsons 6":PcLn 2MWS V-?,’ 

HIM. Thomson BucDb 190,-92 £70 

Horn, 5 '.DC PI *£1 J ,r.i« VI 

Ml Mull on Sons 4.72SPCJ1 'Alt 57 
Mansllrid (£1 ' 4B5 fi'i 90 
Marslon. Thomoson E»gr»htd ,117 8. 

4',DcDb 1992 £71 S2Q-1 O'. 6pcLn 1993 

£S5® 7ocLn 1993-58 On 
Scottish Newcastle 5'mcPI 
'20 10). 7)*0cP1 l£1' 71 .i2<7-10). SLbc 
I srDb l 976-83 £96', OB10). 6 W>« 
Db 1985-90 £771, 9 41S10). 7 l.pciH 

sil b B nm”'2Hoe £ Dh 2C12 -£2S Pd) «*•* 

South African 7 pcPI 'PI' =6® 

Thwanes roanlrli 5pcls»P* (£10, 405. 

Tolemaclie 1 Cobbold 6ocOt» 1990-9S £65 

Truman^ TIMM T3a £i? 3 

lOCaPCDb 1991-96 £96": ilftlfl' 

Vaiu 7PCP1 '£H 62. 4,1-pC A P 'L L '\ 

40. 7LpcDb 1967-92 £79 «20n0i. 
VI ^pcDb MIO l £26 Pd) 29J, 120/10) 
Wamey. Mann Truman 4l*ocDb J* 7 *: 8 ? 
£96 (1816*. 4 ',PCDb 1988-93 ££0t 

rianO'. 7pcDb 1988-93 £77'; 

7>«KDb 1987-92 £77 ‘I- IS^SSS 

1990-95 £100. BecLn 1990-95 £79 
nn® 

Whitbread 1930. 6';nc3raPf (£1 1 .50. 


Auec motive ,Prad S- 5 ?S £1, is] ^ 
<'IS,10.. 4.5&OC 2nd Pr to£»v -m,i 'clr - 
Prl i£li 91-r. '0.4BC 1996--091 
Avon Rubber 7'4N 1985-90 £82 i 

■ 19/I0I 

Arryilir Maul 23 ,,, 

B.A.T. Slones JLoc 2003-M £43 '.OrtjOI. 
6tiDtf 200 3-03 £61 (18/10). • »P« 

2003-09 £68 i (20 10' 

SICC 6bc Prf i£l) 54 i ^-lOC ^nd Pr. 
(£1) J9 't rtS/lO'. 6>.PC 19B1-E6 £85 ; 
'7 I2OI0I. _7p« I9U5-90 £81 t ''P- 

ait^Hc £ I99 J £;003 £44 5 i- 

7':PC 1987-92 U,<la 2-.«9. Bp: 199b- 
2003 £58 9 7',PC I9S2-S7 £.0 1 

BOC Grn 4.55M Prt i£1 ■ 57*. 2.8 pk. 2nd 

. Prl 37 120(101. 3. Set 2nc P« « « 
1 1 9110). 5 1981-35 £90 ” 8 ‘ 

aSj < ?r5"^-“i&a 9 ^04 T .“ 

■BPB ,2 |n'u 7*JK "9S6-91 ^X 9 ,m 20 ' ,OJ ' 

ICr'.DC 1997-2 002 £92 U0,10) 

B.P.M. Mon. V 6 75 , 

B.S.G. Lnl 12 .PC 1993-98 £80 
BTR 1&-;oC 1995-2000 £83 (18/jpl 
BabLaxk ind 7',BC \98 j- 90 £7S (1890* 
Bachcock Inter Tao 1378-83 £93 , elSlIOi 
Ba.ltfy (Ch/ D ClOo' 5'.- b': J18I0> 
Baber Inter 1*1. *25 £13', UadOi 
Biker Perkins 7pc Pal i£1 1 44 : <19 101. 

Bi.-K 1961-86 £84 itSMOl 

Baldwin fHJ) 7PC Prf 7£l) 41 (20/(0) 
Bardsey 7 PC Prf '£1) 56 __ 

Barker and Dobson 0 Wot 1990-93 £45 
i'I8/10>. 1 2pC 1977-84 £97 

Barr and Wallace 66® ... 

Barrow Hepburn 7.75 pc (£11 63 (19 10' 
BUh ana Portland 6-'rtc 1985-90 £79 

(14101 7Sdc 1988-9! £73 
Badrys o( Yurt. Did c>2',di SO (18/ 'O*. 

Bearvc KJmti fi'fpc 1986-90 £80 (15/10) 
Beecham Gro 6 k T97B-ej £93': 4.j 
(20.101. 6LPC 1978-83 £94 .20/10). 

B'riK 19*4-94 £79'! 80'* 

BHgruve (Blkhth) IO (19.40). 7 DC (£D 


Whitbread 1330. S^DCSrdPf (fill 50. 

BoCJrdPf (£1) 36 0 ). 7 pc i rd Pf 

an 65 (20.101. 6(,PcTO19B7-92 m 
(20401. ■ 6':PfDb ■ 1006-91 £76': 

»1 5-101. . BbpcDb -1984-87 £83': 

Cl VI Oi. TneDb 1900-03 £7S 6':. 7 ,PC 
Db 1989-94 £B1 (20'10i - 7>'bCLn 

1486-91 £761.-. 7l<BcLn 1995-99 £691,. 
7‘iDtLn 1996-2000 £7S 6f,.' 9ocLn 
1997-2001 £77", 0010». IOWUi 

2030-05 £96 5‘iDtLn £447 '19141 
Whitbread Invest 158 60: 6',pcDb 

1980-85 £901,1 <:t ,20-101 ' 

Wolverhampton Dudley 6iuPf (£11 50 


Benlox Spc Prf (£11 BO >, 1-18110) 

Bonn IOdc Prl (£11 89 (15-101 
Bencon'i Hosiery 12 PC 1977-91 £62 

(20/ 1 O' 

Beristard (SandWi Sk Prf i£l) IS 6 
(70M0I. 7';PC Prf (£1) 53': 4': (20/10) 
Berwick Tlmpo 5'ipe Prf r£l * 26 
8estw4tq USD) HO (18-10) 

Btbbv (J1 10'CK 1994-99 £92', (20 101 
Blrmld Qualeast 7'joc 1987-92 £60 
Blackwood 7 ’cdc Prf (£1) 52. 9 DC Cnv 
1985-90 £71"; 

Blue circle 5-',PC 2nd 1984-2009 £54J: 
5 6 PC 1988-93 £67 (V5M0). 7pc 1983- 
93 £77l, (19(101. &PC 1992-97 £85*^ 
lO'tPC 1994-99 £95', 

Boantman (K.O.) Intnl. 5>aPcPf i£1) 28 
Booker McConnell 4 JpcPt (£1 ■ 55 E<: 
(20/ 1 01 

Boot (Henry) 5ons 4JpcPf (£1) 431,: 4S 
(20(101 

Booth .Johnl Sons (Bolton) 31 (13,10' 
Boots Co. 6ncLn 1978-83 £97-':- 7'tPCLn 
19&B-93 £77': B 

Bow, ter Cpfl 5 'PcPf C£1) 47'.-. 3*<PClSt 
Db 1997 £52 (20(10). 7pcLn 1992-97 
£64 II®, 101 

Bowarer Newfoundland .UipePf (£1) 32 
(19110) 

Bowthonte Hldds 7pcLn 1990-95 £63 

iTftlO) 

Braby Leslie SpcPI (£1) 65 (10/101 
Hrldon BpcDti 19H8-93 £79U- lO'tPCOb 
4991-96 £94;. 6’rocLn 2002 ',07 £56 
|19'10'. 7'iPd.n. 2002-07 £62 ,18(10 1 
British -American Tobacco SekPI (£1) 471: 
■20/101. 6oc2ndP( f£T 56 60 'it. 7 DC 
Ln 1982-87 £93 (19/10) 

British American Tobacco Imrst lOocLn 
1990-95 £95), (20/101. lO'mcLn 1990- 
1995 £9i I. >• 5 

British Dredging BpcLn 1993-V6 £100 
British Electric Traction epcPfd (£1) SB', 
(19 ; 10', 6 pc PI (£1) 63 
British Ever Ready 6pctn 1992-97 £60 
British Home Stores 7ooPt (£1) 56 (20-10'. 
SiWDS 1989-94 £69':. 7', pc Ob 1994- 
1990 £73 (18 101. BpcLn 1992 £134 
S 6 '-7 

British Printing and Comm. Cpn. 4 2pc8 M 
(£1) 471.. 6.9pcPf i£T) 42.li 3. 7.5PCP1 
(£11 47'i B 

British Shoe Con Hides B'-acPf (£1) 59, 
ai'oeSnfPt l£ll ST',®. 7pcLn 1989-90 
£77': SL 

Brockhouse 3.1 SocPf (£14 29 (18/101 


Hall Engineering (Hldgs.) BijpcPf (£11 51 

( 20.101 

Halliburton (32 .50 1 331- (15/101 


Brooke Bond Grp. S'jpcDfa 1980-8* £B9'< 
90': (19/18). i'-pcLn 2003-08 £4B>: 
(SO'IOl. 7ecLr 2002-08 £64r- (20/10). 
7‘,DCLn 2002-08 £71 2 t2D'10' 


Brown and Jackson 1 0.75 pc l stff (£1) 76: 
u: (1'S/io) 

Brcwn R overt Kent BpcLn 1983-93 £62 

(IS'10) 

Brown Bros. Cpn 9PCLn 1987-92 £67', 
fZO'IO) 

Brown (John) 61;flfcDb 1984-89 £05'; 
(18/101 

nurco Dean 6t,ncPf 19*5 (£11 £0 (IBDO) 
Burgess Prods. . Hldgs.) A 35 EocPf .£1) 
Bumrfene Invsts. Si.-ncLn 1980-85 £51 
(28/10) 

Burroughs Machines flpcDb 1987-92 £61 
Burton Go 160 2. 7pcLn 1986 £95,; 
(15/10). BpcLn 1998-2003 £72 

(20.10) . g.,DcLn 1998-2003 £83® 

Bullln's 6i^x1 stDb 1982-87 £83 4 

(20.10) 


Halstead James 5>&cP1 (£1) J®. 

Hargreaves lO'-.peDb 1992-97 £67 d 6 10> 
Harris 'L.i (Harella) SpcPf l£1 1 28 (19/10; 
Harrisons Crosfield 6 i;pcP! (£11 57ii 

Havdie?'siddeley 5‘^cPf (£1i 52 7i,pcDb 
1987-92 £79. BbpcDb 1987-92 £869 
Hawley 12.5PCPI (£1 1 T?0 2 
Hawtln 4^bPCPl L£li 40 H9n0' 

Hazel I (Q.) 6'aPCLn 1980-85 £83 (20/10) 
HenSIeris 7 nc2 nd Pr (£1) SJJa B 
HenWs BUDCLn £66': (19/IOt .... 

Hepwortn Ceramic H ld»%7.:PCDb 1988-93 
£79'; (20'1 0). 10.4pcDb 1992-97 M3'; 
Hepworth (J.i 7pcAPl (£1 1 58 (20/10'. 

10ocBPf'5Dpl 40 (19/10) 

Hen-burger Broom 22 (18H0) 
j Hickson Welch (HltUS-t B'spcLn 1989-94 

BLpeOb 19S9JM L62'' (15/101 
Highgate Job (50pi 56 UOU Oi 
/-hshnace Optical fwdustnal dOp) 16 

Hocchs?' Ag (DM50) (Cpn 43* £24J, 

H^U r L? “Eraser 4:.pcPi Ml* 36‘^. 6nc 
Ln 1993-98 £60': (20/101. SLpcLn 1993- 


Howard Wvndham J20p» 3 (20I10L A 
I20o) 2 (20/10). 9 dcP» 1999 C20ol 8 
(20.101. IBocLn 1976-91 £67. (20/10) 
Hughes Tool <H 1 520's 120: IO) 

Humphries Hldgs 10 (15'IQi 
Hunting Assoc Inds. Did (250)1 BO 1 
Huntley Palmer Fo«H S-fiSpeW W11 *8 
50 (20(10). 6ocOb 1978-83 £96. lOhPC 
. Ln 1995-97 £92 (18J10I 


C— D 

Cadbury Schweppes 3=;Pc1stPf (£1) 47 
00,10). OlcpcLn 1994-2004 £73 (15110). 
9pcLn 1988.^3 £88 1 : 9 A, HB/lOl 


Canning (W.) 7«;pcLn 19*8-93 ' £63: 


Cape Inds. 7'*ocLn 1988-91 £63 €20/101 
Carclo Enp. Grp. 10l;PcPl C£1J 75 (19.10) 


IOdcPI l£1) 90 (15.10) 

Carlton Inds. gi^tcLo 19B6-9I £7»'j 

Carnets Intnl. Si«ocLn 1992-97 £45 
[18/101. SpcPf (£1) 54*. ■>;: (20110). 4-20C 
Db 19841,69 £661, (19.101. 7pCDfa 1884- 
1989 £79 (10/10-1. 7.<peOb 19*4-89 

£*l: elg/10'. 7.75pcLn 1987-92 £52 >, 
(2040). B.IpcLn 1987-2002 £55 


(2040). B.IpcLn 1987-2002 £55 

Casket 15) (Hldgs.) 10.2SpcPf (£1) 94<; 


Cavennam 6'; pels, Pi .fill 46';. 7nclstPf 
(£1) 51 (19/101. lOPClstPr (£1) 95 6 i;. 
IO'«cLn 1992-97 £79'.t i, 60 U. lOidpe 
Ln 1991-96 £7*^ (19(101 
Celbc H«ven [5pi *5 €20:10) 


Cement Rcudstone Hldgs. 7pcPf »1r.£la 
50 . (18/10). BpcDb 1906-91 l£54 

( 20/101 

Crptral .and Sheerwood lOpePf C£1) 91": 


(20/10) 

Central Manfg. Trailing Grp. BpcLn 1983- 
1988 £69 (1S)40I 

Centreway inds. llpcPf (£1J *0 (20/10) 


Centrewa* Tst. llpcPf (£1) 76 60 
Channel Tunnel Invsts. (5 pi 120® 
Charring* 


Charring *ons Industrial Hldgs. 6ecLu 
1 988 -93 £60', (19-10). lOlaPCUl 1993- 
1998 £8&i; (191101 

Chloride Grp. 7'xpcDb 1985-90 £80 

(18/101 

Chubb and Son SirpePf ,£1) 52 (19110). 

SKtl-JSSZ'.OS £70', (15(10). SifPCLn 
„1»87-9a £78 n9|10> 

Clarke rr.) nopi 28'; <15/ 10) 

Clyde B I oven 145 (18(10) 

Coats Patons dnpcLn 2002-07 £43. 6<,oc 
t* . 2002-07 £63. 7-bBcLn 1990-95 £741. 
( 20 - 10 ) 

Cocksedge (Hldgs.1 19 .1*101 
Cohen *A.) A Ord »20o» ISO® 

Comben Grp. 11 37 SpcPf (£1) 124C; 

€20(101 

Combined English Stores Grp. 7J,pcPf <£V) 
SO. 9';pcLn 1986-91 £B0 
computer arm Systems Eng. g.IpcPf (£1) 
ESl.tfJ) J,® 

Cook and Watts 9a,ncLn 1 9S7G52 £75 U 
(19101 

Cookson Grp. 7ocPfd. r50o) 2»l; (151101. 

7ncPf (£1) 56 119/10) 

Coo* Allman Intemtr. 7i ; ocLn 1571 90 
£78 (20 10>. 

Corning 7pCDb 1971/86 £89 (1510) 
Cosair lOJpcPf i£1 1 105!; B 
CoumiJos SpClstPf (£1) 39'j (15101. 
6pc2ndPI i£1) 47. 7)d>cDb 1989 94 
*78's. Si'PcLA 1994/96 £56. 6>;pcLb 
1994/96 £591, •; >, 60; UO.'IOi. 7ljPC 
Ln 1994.96 £60t 3 J, 4. 7 ] «PCLit 
2000)05 £67 >, <20-10) 

Courtaulds Knitwear 7':PCPf '£D 56 
Courts 120. 7 DC PI «£1i 56'; /IS TO' 

Cowan. Be Scoot lOijpePf «£l) B4t 
(19.10. 

Cowl* (T.t TO'.-pcPf (£1) 1(15 €2010) 
Crpua Chemicals Intemtl. BscPT (£11 
65!;: 09/101 

CrodJ. Intemtl. lO'-pcLn 1591 98 £87<: 

.IB'10, 

Croaa World Traders TocPf <X1) 50 

House Gp lOpcLn 1987)90 £95 

■ 19.10) 

Crouch Group 9ncLn 1993/96 £72 
Crown House 7i,pePf t£l) S3 
Crowther (J.i Gp. 5DCPt t£1) 24 tl810i 
Cn«alate Hides Ep«P( (SOn- 20: na.IOi. 
9-',PcLn 1999/Z000 £226: «a! 

Currys Gp. 6'.-pcPr (£1) 5!’: 


Jackson U. H. B.l 1«Kn Mil WaCUMM 
Jackson tW.I 7':PcPI >^1) 60 
Jamesons ChocoUte* I1W» OWJOl 
Johnson Firth Brown H.OSocPf (fill s 4 ' 

Johnston '®P®5|* £ Jl,'i 0 4( l1 (l«W10» 

Icims XA.t DijpCPf (£1 1 SB IZlWiO/ 

jont* Stihxnan 4^9pcJ»f J0 (18110) 

Jones Stroud IOpcPI l£1> 99't (19fM>» 

Kayser Bonder S-iPcDb K-»7 MB* •(* 

Kelsey Inds lOpePf «]>*«*_ 

Kenning Motor 5 >hk« «£1« « (IS/IO) 
Keppel Shipyard tS*1 ) 90 (19/10) 

Kraft Production* (IOpi 22 


LRC inter lO'MJcLn 90-95 £88 OOrtO) 
Ladbroke Wts to nib 107 (19/10) 

Ul’rt 8&Db M-M «7‘= »1«n«.' ,8P< 


Ln B0-D3 £BT!j ClSflOl 

^iJwinCaTO *7*. v 

I £°qL5ilre Wts to sub 41 (19/10* 

L-rJood 12PJU1 88-90 £171 

< 1 9/ 1 0', 6 'ftPCLn 83-60 E7^>» (Wio*- 

9'?DCLn 88-91 £115 'IWM 

KSK 

U^o7-^DbM-». 

01-84 £89 (18*10) 

Lu* Sonar II'wUi JIB £9® .oLnrLn 
Lucas liuM 7'tPCLn B3-8B £77. lOancUi 
93-97 £87U k i 

Lyon Lyon 68 (19.-1W 


□ RG 7* 4 pcLn 19S6-91 £7Bt- »!; 

Daigety 4.85ocPf ten 6a 

Danninut (Hid9S> Inv (2>HP) O'; HSlOi 

D *s'io) Kr * H Shi 0,111 s,lt 1,2 * 50 ' £37T| 
Davenport Knitwear (IOpi 155 
Dawson Intemtl. lO’.PCDb 1930,95 £981- 
II 5/10) 

Debenhamm 5‘,PC2neDb 1979 83 £571* 


■20' 10). 6lmc2rtdDb 1990.95 £67 
(19 10). 7i,Dc2ndDb 1991 96 £75:. 
6',-pet.n 1986:91 £73', 'ZO IOi. 77 


2?- “*■« (29101. ThpCLr. 
£1ol°N Et2: ‘ Si: ' ,,DSL " 1«B3/9H 
Decca 6pcLn 1 980-89 £91 (20/101 
9* 1 * ®P. GpcHtPf l£l • 47i; 115/10). 

1905 50 £79', 82);. 10*«pcDb 
1995 99 £93*, (20*10) 

Denny CM. 16 Sons 6pePf «£1< 24 €20 10) 
D~7rtsol» 9l.pcLD 1961 '91 £S4 <20-10' 
Desoutter Bros 'Hldgsi 5J5osPJ i£ll 
6i-;: ns ioi 

Dewharst * Partner (IOpi 10 
Diploma 7pcP( (£1) 41 (Ibi'IO). 10 : -jc 
Ln 1990*95 £81 

Indus. 8'jpcOb 1987.92 

£78*, '19-101 

Doulton 8'riKLn 1988 93 £70 (18 101 
Dowtv Gp. 7ncLr 1986*91 £66 (15 10' 
D;ak« Ift Scull Hldgs 3.5pcPf .1996. i£1i 
_ 7pcPt 1 992 97 i£1) 75'; 
□ubiiier llpcPf iSOdi 3a .20/1 Oi 
^far Bitumjstic tO'.pcLn 1998/2003 
£H2 <ia io> 

D '“ , |’l0) ,|MO,n * 1BB5 £85:, « 

°iia*0) W- ' * Goodr ‘ cke ■ t£,, 410 
Oundanian Il'.pcPf (£11 183 
Dunhlll Hldgs 4.2PCP1 (£1) 4*1; (18.101 
Dunlop Midas 5 ’-ocPf <£1) 48:- 9>; 6', DC 
L74': >. (20 101. 7acOb 
J335 ,9 _ S £78': 120 10'. 7hPCDb 1985' 
1990 £75 .1 5*10) 

Dunlop Textiles b'rocPf c£l) 55 (15/10) 


MK Electric 7'^JfLn 86-91 

MY Dart 'IOpi 'if 

McBride €R.) 1®«W «*11W- RIWB'Oll 

MLCormrodale 6t,MLn 9(^95 £5|CIWim 

McKecnme Bros lOpcLn 94-99 tSSJp) 92 

Magnet Southerns S.2SpePf (£1) 62 
Matin Paper MlBs 146 - 

Manganese Bron» B'^cPI tt-ll 46 OBIOB- 
Manor Nattanal Motors KHiPCPf l£M 84 

M 1 asSe L ilf!S.^M-2(»2 ! £79 ®«70> 
Maopin Webb *';PCP1 *1) - 44 (18/10) 
Mairhwiel gpePI (£1 ' 98 h 
Marks s »cncer 7oeK »£1 1 64 ' . 

Marley BUpcDb 63-88 £78J, (2ft 181 
Marsnalls Halnac lOpePf l£1) 9*i^. 7l,pe 
Db 86-91 £76 (201101 „ __ 

Marshall's Universal 7i«iePf (£1) 70 

Marti n^dewsagent SijoePf (£1T 40 f 14/10) 
Misw-Fegmon 7lrPtLn 87-92 £40® 

M<v KassrM 9'mcDb 92-97 £62 '19rlO> 


Mecca Leisure 6»,prtM> 85-90 179 (19,101. 
7orDtl B5-90 £801, 

MdIM (SP) IS 7. 1WI 20 120(1 01 
venries ij.) 9pcPi (£1) loo 
Metal Box 2. SpcPf (£1i 32. lOiiesLn 
92-97 £91 •: 

Metal Closures 6pcDb 80-85 £89 (1SPI0*. 
7<;pc0b 86-91 £81 ’i (15*10)_ 

Mevrr iM. L.) 7>:ocLn 8S-B7 £S1 
Miller fF.) HocPf HL11 IIS's CIS 
Mills Allen 6i;pcPf (£11 42 0 5*101 
Mlicnell Colts 13DcLn 90-95 £100 >i 1 
Monsanto SpcLn 82-86 £164 
MonrtOrt 5pe« (£1) 25', taOriOl 
Morion Sundown Fabrics SocPf (CD 2Z 
itS'lO) 

Moss Bros (2 Op) IS* €20.101 

Mount Charlotte Inv 9>jpcLn 95-2000 £1 18 

Multi tone Electronic* 180 1 3 4 1 


NS5 Newsagents 9ocPf (£1) lOpcLn 
199012000 £173® 

Nash Indus, 45 

Nat/onal scar Brick* Tile Hldgs 7IOM1PC 
□b 1906/91 £77', (19(10) 

Neil Spencer Hldgs BpcLn 1880/85 £60 


hhril Spencer 

n bhO) 

Mewey Group 


E— F 

E (2&TO? ITT <lnel,J * Eoul,v ,Dr P (ILL 25 
EIS Go. 4pc1 itDb £31 ItS'lO) 

E.R.F. (Hldgy.1 IOpcPI r£i ■ 78 (ISnOI 

East Midland Allied Press 91:, 3 CtOjlO). 

7i«ocDh 198691 £77'; C20rt0i 
f^.r ■ '"tfp*- <50p) 60® 

EngllNl China Clays 6>«OcDb 1985,90 
£76', (15,101. 7imCDb 19S7’92 £78':. 
?SS-" 1998/2003 £67. r-tfCL" 1993, 
1 89s £70 1- 3 

■ engllsh Electric SijpcDb 1979 84 £92** 
(201 1 01. Btteob 1980.85 £38 'p 6',pC 
LIU*, 00,101. 7pCDb 
_ 1986^81 £791, 80: .80 H4 
European Fames 4:^scPf (7-1/84) (£1) 8S 
(15(10) 

E*ang * Owen 150 120 MI) 


Ne wey Group SpcPI (£11 28 h 0X111 oi 
News Intnl 7UPCDb 1985(90 £78 1, (18/10) 
Noble Lund (1 Op) -1 Bi« h 


.Norcros 14pcLn 1984 £108 (20/101 _ 

: North BrltHh Steel Groan (HklSS) 31 3 

North Midland Cautnctlon (1<h>> 47 
119(10) 

Northern EiMinuarlng lndmt 3ecPl (£11 
31':. 2h S (20(10). SJTSpcPf (£1) 
57*:- 8.2SocPf |£1I 93 14. 7pcL*a 2l»pi 
05 £57 n 6 (IOI. 8'ipcLn 1888(93 £78 
9 020/1 D> 

Northern Foods 7'^rDb 1985190 £80 : 
Norton (W. E.1 Hldgs llpcPf (£1) 35 

NorwMt^HoUt Hldgs IlkmcPt 1488 «£l> ! 

Nomogbarti Mum 0*®KLn. 1983(98 £.178 
| 0 80 113/101 ■ ■ 

! Oliver fG.» (Foohvnr) 117 ...... 

Olympia (Redacra* O0«i 27 l«fi» 


o those sbcuritins not Included kn thu FT SIhh® Information 


Unlssf othenwlao Indwatod, donominationa aro 2Sp and Rriwa in In pane*. 
Tb® pricas are iIS ran at which bin-nwa wbp dona in tfiu 24 hour* up to 
3.30 fih) 01) Tlmreday and •etboc through the Stock Exchange Talisman System: 


Official Lt*L the Istftrt 
With th* relevant dot*. 

t Bargaiiw at special prices. Bargains done the previous day. ABar&aJns 
done with nun-member or executed In orwaus market*. . • l • J ’ 


[ CDtimry. 

1 19, ’10) 

- Conoco 7‘«cLn -19J &^3 : £J- 

: ,^t7-96 , 

-Dome Mm-NPV WSlIS/lfl 
-r*XUurm CP CS1).S17V-t1S(14 
, Shelf Transport Trajftng . OhtK) 


j93- : £7-4*1' _.8P4tn 


Shelf Transport nutKng'-S^PCPrr. OEM SO 

(.19/10). 7PCPrf tj m - - 

PROFERTY"T . 


Evired & Co- Hides StpePf (£l) 23 

■ 30*1O> - 

Enjhbur Jewellery (5p) 91, ..1)51101 
1 l.;b<Pf <£)• 94 (20 lOi 

E. cu Dairy Prop. 5‘,PC1UDD 1979*4 

£94 ■ 20- 10) 

F. M.C. S.45«PI (£1 1 *8 €18'10) 
Faudale Teniiin A N-v f5p) 37 IISiiOi 
Fdim'CW Estates 13.85oclstDb 2000 03 

£llfi 9 

FriuV.DH,- Tank Ovtonws. 7>:pclstDb 
19d7 “9 £7J (ZO'IO 1 
F«r,nt. boprlstPl i£l_) 65 UO.IO*. 

I.SpcZxdP: i£l) 4 3 ilSIOi 
Fine Art OvIPmU. Bi.PtLn 1988/91 £70 
[IBllOi 

Finlay IJ-' -S.iBCtsrPf (£1) 47 (15-10). 
■4.30c2ndP: ■*-<' 43 MS.T0'. SneZndPf 
(Cl) S3 

F I sons s 1,0-- Db 1984 89 £77': (20.10). 

S-'uPCLn 2004,09 £52 J : 

FUcn Lovell 7 ,«Ln 1992 200-7 £83 

(15*101 

Fiuwlllon E'-ptPf fl/tl. I £0.24 (15*10) 
Fobri IMarnti. BpcLn 1908/93 £58 

Foqarty lO .pcPf ' 95 (19/10) 

Folhes (J.i Hcfo '5P' 17 
Ford Internet Capital Carp CpcLn 19*1 r 
1987 £74 ij. Ti.rtLn 1980 88 £81 

(1* IOi 

Fortninster 1QI,PCR1 i£l- 107® 

Forte HMflS 4.BE-IDC, 1988-93 £61 

'19*lCi. 7.7pcDb 1905-90 £82 1.- (19M0i 
Fortnum Mason rti , 840 50 (18i'10-, 
Forward Teclmolagy Inds. BpcLn 1985-90 
££6 

Faseso Minsep 4HocPf (£1> 52 t20/10i. 
8',K2ndP( 103 (18/10) lOneLn 1990-95 
£95 (1 B'TOj 

FransiS Inds. SpcLn 1994-99 £63 4 
Franc's Parker 7iascLn 198S.8B £741, 

(20110) 

Future Hldgs. 97l25o) (18,10) 


Op Derm in fHlctgri 7J«^Db 1957-32- £74 I Ward (Thos W.) .n.hpcLo 2000-03 £90 


Panto O’.) nopi IO 


Parkland Textile (Hldsai 40 (18(10) 
Parrish U. T.) 138 (20/10) 

Paterson Zochonls IOpcPI (fill IZOh 
Pauls Whites S4nePf (£11 2BSl Sat, _ 
Pavilion Leisure HMga flop) 10 <20/10) 
Pearson Longman OkPCDb 1-988(93 £04 
,20/10). ibupcDP 1397/2002 £85', 

(20(101 

Pearson (SJ Son 1 0'iPCLn 2001/03 £96': 
120(10). 1 0'jpCLn 1893(98 £100'i 

€10110) _ 

PentOS DM (20PI 13® 

Pbicom aecPi <£ii 77 
Pirtard Grouo 9'ipcPf (£1 1 92 (2W1D) 
Pleaaey 7UocDb 1992/87 £751, <20/101 
Portals Hides .1994-2000 £141® 

^3® _ 


(20*11)9 

l . -Wasull (J. W.) CSpl 29 (1NUD 

Watorford Glass IIUPCLn 1976-95 £59 

West Riding Worsted Woollen GpcPf (£1i 
40 

* Westland 7SipcLn 1987-92 £79hO. 

West's Go interratl 4>SpcPf .161) 40 
^ Whltetro/t 4.1pcf>r (5t> 4B>) (Zft'19) 

[20/ 1 D) Whites < Timothy/ .OtaPCLI) 1903-80 £7Sf 

a £84 T30-1O-. &PCLO 1986-91 £76: B04 

rmi, (18(10) 

W hitting (nun fWm) BpcLn 1992-97 £47 9 
I £961, (19110) 

£1001, Whtdnev 7pcPf (£D 26 C19l'«n 

W,optns Teepo (UK) GH«PC2mfDb 1981-Bfi 

£85', (liBMQ) . . 


AJIttnye j Ppty" 7*rtsDtr • 1 988^01 • £80 
Alliance Ppty . iHldga _B>»>cDb '. 1992-97 


■- -UNLISTEJ) secm pcw 

MAR KET 

AnOM t-Co Btew tfwfRC W IBfg.y*- 

-SStSer Hay HDI j mertBrttng d *P) • 


AHjance Ppty . ■ Hldga .BVocDb' 1 992-97 ' 
£801, 

Anted London Props lOpcPrt ffin mats 
(1-8(10). BktpcUr . 1989 -£l094>nSDb 
fl-3,'10) 

Alina tt _ London Prop ityirnn 

1986-89 £80ia GflflO), S^pcDb.T 980-93 

L/4 is 

Arayk)^, Sacs. IQlspeDb ^1002-07- . £80 


■mini atm «- 

"CAMRA flte*i AW^InT. t£1) II* -■ 
cSrlttwi Read- ftbM (JR. 1 * 
dip Hew (TOW 7* B.CZg il O ) 
at^ Site Brtntte - tOpeCmrPT <*■» ■ ■* 

gSPissr -^S5 *S^ 

1» 118,107 

PKI ftactrtcMs OOP) t7(f « b 
Fuller 'Smite Tdruer A 4*1) 7M 
HntuyrtH' 4mvp »- <1*110). 

liSer wa ppe TedMofPOr *snrlceb (*•»* 1«* 

Hldpx New <10p) 24*S 
. Kplgbt CSnpigy I wW (*P) 67 gWl«L. 
i win ep n aneutel Advert HMp RfLsP 1 
..74. iPnxCnOa. If H-M02 £13* 

,. Juterrydowfl Wipe 208 302 
Micron Inr ReproarapMst <tO*» 

: MUlin? Milts Own.lD. l" Sdffllfl) 


v**k 


Wllkis non Riddell SpcPf <£1) 43 €19(10) 
Wllsiiaw Secs 19 

Wtlssn (Connolly) 10*rPC2nOPf (£1) 103 
D 5(104 


OanteWr HMgs BApcLfl 2002-2007 X8SW2 

aitonS) Accra E25p) 173(1 on Q) -.' 

Brit Land TspcDb U987J £111 00/10). 

12ucLn (20023 £278 *, • ■ 

Brlrton taate BpcDb 1983-B8 £82 

Cart cal l Countses CpcPrf t£t) 41s. (20(1 ok 
i ^ cw '- 1 

Cent test Props BpcDb 1988-83. £71 V. 

Centmvlrictml Estates fiiaPCLii.T988-B3 £62 



Radio Oty (Sound al. MvmnMt) A- MbP- 
; vtg. »» . - d « 


Press iW.I Group <nOpl 71 2 3 -4 
Presuc Hokiteos id^pcPI £1) 9B 415(11 
Print Marline. Hides (£1) 250 n-sjiDi 


Q— R — S 


■*£jgLi» at 


K ’ 


Quick fH. J.) Group lOpcPr (£1) SB 19/10) 
RFD Group SUpcPf i£l) 32 (1S/10I 


York TraHer lOocPf (£1) T4 (19)10) cite AeK pS t £i T «Z , sS , 5* M 

YgriBhlrg Cheats- SpcPf (£1) 31 420:10/. ^ cnsT . ef £ PptY Nnr.TTrt 102pcDb 1991-90 
12itfd.il 1987-92 £97 'a 9*, Co &iaih (CAl Inn SpcLn 1991-90 £303® 

FINANCIAL TRUSTS Town.Prosw (idmuivNi a 


■T?I^A?iite*14rtOp« u. 1***-« 
^2110 (18(10) . - - 

B33£ c sa < « ” «NKr1WM» 


.120)10) 

6 rv!3.% C 1 ®"* -Sees SLpcDb 19S6-91 £82 


. Cl 9/ 10* 

t (la f ^O? Con * 12pcLfl 2OO0-2OD3 £97 8 
E ?vii?n/' a * nCy WWW ShpePrl (£1) 391i 


.twin lode, nop* 22. TSPcL/r 1870-*" 

UdM Trleodty InnmK* * (BdfjVNl 

* . 

( 20 / 10 ) ' . .. 

YNrerton' Invert* (*9) ** . 


E S-ae" CentT » Fcopa I0-»pcDb 1992-87 


GB Papers 31 2>: (19(101 
GSC-ElUaU Auromation 6*apcDO 1909-94 
£681; (15,101 

G£l Intnl lOpcLn 1987-92 £83';: (18/10] 
GR (Hides.' 10>uc2DdPf HI • 102>, 

ll Si IQ* 

Gartard-L'Iley Inds. (5 m 246 nSflO) 
Cartons 7';pcPf (£1 ' 50 


(tense mes Rapier BpcZndOb 1980165 £90® 
RaKlIffe (F. 5.) Ind nst IB (201101 


Britannia Arrow Hides Wte sub Ord Ilk 
(10/9 01 6-tcpcPf (£1) 57 115(10) 

Credit Fender de Franco IdSipcLn 2007 
iRegl £117'; 120/10) 


w%\-. *??a*, N tvi(i i ii i3,ipeGw, “ 1989 iBw " 

SI. GLoeDb 1988(83 .&& Mad -nd’cen (SOrt. 400®. SpcPI 


General Electric 6pcLn 1979-84 £93'« 

(19/10'. 7 '<pcLn 1987-92 £750. 7*,nc 

Ln 1986-93 £81 1.. Flip Rate Cap 1986 
(14 5625PC' £1011; ■, ', 

General Motors Cpn 7'tPCLn 1BB7J2 £74 
S ', 6'tl *,: (20*10* 

Gestetner Hides. A (Non-Vtei Cap (25 pI 
50. lOpcLn 1990-95 £78': €1B r 10> 

Gibbs Dandy tiop) 90. 7PCP1 (£11 44 


&),ncDb 1985/90 £77 
Red I and SpcPf t£1) SC'-. GUocOb 1980193 
£69 I19n0l. 7*,pcbb 1990/95 £77', 
18110) . ... _ - ... 


(■ -ISOp) 21 

; Elders IASI) *154 (20/10) 


Rrdman He wan Intel 4LPc2ndPf (£1) 85 ’ Electrical teds Inv 4pcDb £31 (18(10) 
TfOHO) ’ 68 j BngWb Dutch Ipv Tst £111, (15/10) 


<20/101 — 1 engneo uron ipv isc 

Reed i Austin! Group 126 (20/10) I 

Reed Mini SpcPI (S11 ®1. SJapcOb 1*83- : 

88 £77: flB/lOf. &pcDb 1979184 £91^1 i FC Tl 7 pcPT 79-84 
3': F10/1O). B'.DCDU 1078/83 £97 ' 


to Mb &• 

<SOp) SI 'rt 


!«r1 New Northern «J1> 200® ' 

JJobse Fkop London 15 Oo) in ■ 

Kenmnss Eets S*»cPf «i) 45< 2 Cl 9*100 

L f?0, i , 6pc1«Ob 1938-9CS £eoi, 

UOriOJ.- StapcIstDb nS7«U0a £96U 7 
!?9M Q1, fiiffdstDb fiWKLS© «4i, 

, ItJiU' MS! 

Law Land. 7 prtstnp-1 089-94 £78 (Wlffl. 

£W. I 


RUUE 163 (f) CWT 

Bargains marked fn miiritlffi 
wMch are quoted or listed on an 
Overseas Stack Salm g 
ACt i0d"7S9L 




Glaxo 6'ipd.n 1985-90 (50P) 34*^. 7'«pc 
Ln 1985-90 37 

Glaxo Hldas 7>;ocLn 1985 £418 21 4 
Glover Mam 6pcPt an 43'i nanoi 
Glvnwed Intnl. 7 '.PC PI (£1 ■ 63’;. 7';PCDb 
1969-94 £77u: >»: a: v: ( 10*101. 10 '.nc 
Ln 1994-99 £86. SpcLn 1903-85 £821; 
Gnome Photographic Prods, (IOpi 58 60 
1 (20-10) 

Goodwin (1 Ocm 12® 

Grampian Hldgs 7pcPf (£1) 51 (19/10) 
Grand Metropolitan SpcPI l£l> 47'; 
(19(10*. 6>«PCPf (£1 1 59. 7'a>cPt U.D 
90 IZOflD). 1 QPCLil 1991.96 £901; •'« 
Gram (James) (Easn 10',nclstPf ■£)* 


SWKIStDb- 

7>4PCl*tDh 


Great Universal Stores 4>vcCPf (£T> 35' 

tlSilO'. 5 "iBcLn £42'; 4*, (20.'1«>. ' 71-pC 
Ln I963-BB £64 (19:10). B'^cLn 1993- 
1998 £75', 6 ', 7 (20*10' 

Greatermans Stores (RO.SO> 315 (19)101 
Guardian Manchester Evening News 4pcPf 

Gunt Keen Nertlefolds 6 ':PtLn 1988-93 
£65 (20.-10'. 6.'<pcLn 1985 £881, (2011 0> 
Guest Keen Nrtttcfolds lUKi BUmflb 
1 984-89 £80 119(10). 7«y*Db 1986-9 1 
£81. 9-’*pcDb 1991-96 .£90, (^O'lOi. 
1 0'rPCDb 1990-95 £96 '« *,7 (a 0 ', 1 ,. 0 ' 
Gunn (Al (Hld9S.l 10'iPcLn 1982JI5 £90 
(15:10) 


SpcLn. 87-90 £79 SOU. lO'rbcLo SO- j Lnftdon Stoo fW T.. m • r . ' 

95 £89 (20/10). 12'iPCLn 93-98 £102 b | CT2^i: oaifl) ”** **»< 1 *- 1 *87-07 

nter Inv Tst Jersey (£1) 330 i (£1) 381, . «i(®TOL ■ 59wc 

Joyd* Scottish t20p) 130 (TOTTO) • . JS™?_JWB4y89 £76 77 MpcIatOh 


Aetna Ute Casualty £ a * li tlWIO) 

^ grs.’^s.'^ ■ 
asss, 

AlBPbl E»-7S 3 - • , „ 

SSTfflS 5S5^S‘r”aSSo OT f"” 

Australian Goar Can am tltflO) 

tssjssnjnsgi* n«« -. 

AortratteD Oil Gap 60 
BMI 88 Cl«10). - 

BP Canada S161** 1* k 


a-'raf 

* 

s - 

ir- 


(20/10*1 

115110). 6'racDb 1083J8B £82 (20/10). inter Iny Tst Jersey (£1) 330 
SpcDb 1992/96 £79 120/10): ' HipCLn Uoyds Scottish QOd) 130 (TOTTO) 
2004109 £36 41. SpcLn... 1999/2004 London Assoc Inv Tst OOpT 7 1, (ISim 
(76 I, *■ London European • lO'wcLn 1993 £78*, 5 

Reeves IF. J.i 11 pcDb_ J99B/2001 £871, 11B/IO) 

120(101 _ TOPCLn 1983/68 £75 Newmarket Company (SOX >5) 300 1 3 4 

Relyon Group 7(<pcLn 1986194 £70 PnwWent Financial 7pcPf 80-86 (£1: 95 

fflSW £53* <2011 m ^ U SSS« CWnW,, * r TeCft WnS 60 *“*• 30 

ggSSSnV 3 ^ SSSsVRUf'W”* YU,# C4t}» IHtiKPf 90-2003 «« 126 

8gg^* 1 ?»*5W , i!S*f2S INSURANCE . 

BSSU^SUBi "SpcVJM°’«ni .53. c r w<1al Un,on ”- 2WW 48 

7nc2ndPf (£11 65 (20/10). 7 '10c 3rd PI ecclesiastical IQpcPf (£1) 111 (18/10) 

1 £11 67 .. General Acc Mrs Ufe 7'racLn 87-52 £78Vi 

Rownton HOttla 4'lPCW '*«» 20 « 5/101 g, yvpcLh 92-97 £7SV tZOftM 
Rubero«d ipbPcLn 1 990 /95 . Grardlan Royal Extarange 7pcPf (£1) 70 


ss arw 


INSURANCE 

Commercial Union fipcPf B9-2909 4£T) 46 


. Jgnm_J.9B4.89 £76 77- MmelaiDb 
1^7-2002 08*1 tl OI. . IGpalstDb 

“It «0O1 »m3^2wS 

Mj 5 £72- ij CZOflO 1 . rjubcIb . iaaf_ 
JCOO £74^ 5 rjan-0) -.0*9041 HM. 
Mc Kay.S ecs mop) lTO CHMIO) ' - 

*£9?1j9 H M01^ , * ,> HhSal lOpcLn ISHMMS . 

*®°«» 


■ Karat Berhod IS OOpIO? 

1 pet 19W 21* n __ 
ntai Tin bredfllna IBB 


Ber/untai Thi Dredging IBB 

Boral -112 24 

Brambles lnd.i®4 420T0) 

SSSt %€% OK- Onto 7* 

^etaSuSne^^ohayo 220® OKriO) 
Central Horwnn 3*8® <US# 11J 1 


mjang <**o> 

Ss arsjBr ««« - - 

CooeK Australia 1-h. • 

Coosd ffifemv.600 4wi<n 

■SjrapSiS*" 

Dwt Beall Singapore- Z24 C 
Digital Eatflucnent C57ki - 
W««y 

Dome Mines 0SS OOTB) 


Norte errbm Prom MapcLn 1S9G 
FNltwr Prop SpcPf K11 41 ; 


I WaPCLn 1S96 £944, 5 

JgfSF fiS. &JP 01 - 

Sec Invest TPt SocPf Cfil) BO 




KuoeiPta > u WM.; ■ iw. on T uiwran Royal Exchange 7pcPf tj 

Rugby Portland Cement 6ocLft lonjaa j 12011 0). 7pcLn 86-91 £7 Shi 9', 


nisi. 

Russell Bros iJ>»ddRraJon) 53 ■ 

Satasburv O' 6 ‘raiwb 19BM3 -J??'* 
00)10]. 7 UpcDb 1907-92 £77 HS/IOl 
spcLn tea (i a/io) - 

Samuel <H) IBS. SsoPf «C1) 49 1 ! W* 

SandtortKi^MWTav, BWer ®Kdgs) «90p] 32 

Cl 8(10] 

Bangers Grp SUjpuPf C£1) 20 *16/10) 
Scapa Gn> SpcLn 1988-93 £70 Zt, 
■icottros SocLn 1906-08 £73'i 6 . . . 


Insurance Coro Frefand A ri£0J£> I £4 
OWIO) 

London 4pcPf (£1) 30 U0€1O) 

Pearl eoePf (£11 70 (70/10' . • 

PravShOal IQpcPf (£1 > 68 (20(10) 


O09C3 '- . ~ 

HWm BtoxLii 1007-97 £79 


Rl 7’^ HWm 9hs 
LlBflO} 

TharciX conraiv '400 

Town City Props lap. 


INVESTMENT TRUSTS 


Sean Eng HUBS 6ocPT 0.1)48:j:>,t 
■ >99110). SUpcOb 1987-92 £80 (10/10) 


Sears Hldgs 7'^xJ>f «bl 1 57 ffl«IiOi. 7 pcM 
#£1) 64 020/19). 7 '«PCLn 1992-97 £67i, 


Aberdeen 4pcPf (£11 34': <19(10) 

AHsa SpcPf £441, 5 'IB.-IOi 
A/Uance 4pcPf £32 1, n5/10>. 4UpcPr£*3 
7 rl 5(10). SpcPI £42', I15M0). 41-pc 

□b £U CIWIOL 5 UpcDb 80-85 £86»t 

9: CT9/IOI : •.*•.- 

Alva 243 (15/10) 


T 17 , B Pr ® e ‘ 1 * BeUl " ’WW* .*177 

T (t«lor t ™ **** ***** 10 *^ aW>0 JtBa 

Klisin W t ^ ,y - SaKXl ^ ttWWrtJS C7H 
W nSdO) EW Hl-B1 ,03 • c, * , «FI> 146 8 
Webb <J.) BpcDb. 19*3-96- £791,— ’ 


Dunlop Olympic 08-41BFK 

«Sesr- 


ESpraanoe, Mins 8 0IM«0. 

Euroran Venturas S4 CIW10J 
' Faber Media Malaysia 42 • 0H0I0F 
How General SUS14 
Forsyth on Gas mu 12 ,«WW0) ' 
Gearhart Mr SUSntW <Z0»10) - 

SSy^s^^ 7 :..-. 

Global Marine SUSlOta® . 

Greenvale Min W4L.OS Pdt 00 (19104 . 
Gulf Canada 76S €1<BpNU - 
Kartnsen Energy 127 «20F>0) 

Hewlett Packard £138 U «s . - . 
.Hkrtne+d Steel IBS lUBtO) 

Hfll SO Gold Mines 26® 020/10) 

-HtoKM :in 2 OWIO) . 

Htxnestake ' MM® SUSMU® ' ' 
Hong Kong. Tel *23 OWIO* 


PLANTATIONS 


Faber Merita MafavsJa 4s 
now General SUS14 
Forsyth Oil Gas T1U 12 


F£1) 64 020/10). 7 >«PCLn 1992-97 £671, 
Sd Incourt 9'cpcLn 1903-88 £74>: 

Sharpe fCbariesi KTi 485 08/10) 

Sharpe (WN) A "NooV 495 
Shaw Carpets TOnePf >£1) 50 
8/illoh Spinners -«25«) 21 «19nO* 

Sidlaw Gro 7'iPten 2003-08 £56 9 (18/101 
Simon Eng 0ocPF tell 44 «S|10) 

Single Gp ISOCUl T90B-91 -£190 (20/10) 
600 Grp 6'racPf .(£1 1 SI (I0/1OV 
Slingsby «HO 30 11*101 _ 

Smith (John) field. Head) . 6',« 32kl 
GO/IOi 

Smith «WH) OHhnUVB Cl Op) 47 ft 4UocDh 
1970-65 £08 l) <19/101. BpcDb 1987-92 
£82 *19/1 OL ‘SUbcLu MI'jQOnO) 
Smith Whitworth TtwcPf. (£1L ®8 ' 

Smiths Hid ll'.pcDb 1995-2000 UM'a 
00/10). 7UgcLn 1986-90 £149 (19/10) 
Smurflt UeBeraon) Grp 6p«M ®r£1) l£OJ£4 
(18/401. Pi Ciirrener Units «ir£0.oz) 
161.19. lOUpcLn 1975,95 HCfiO TlSilO) 
Sotheby Parke Barnet Grp 9'aPcPr UEi1> 
100 2 €20/10) 

Southend Swdiiim <5p) 2O_C0nm 
Sparrow «GW) (HracLn 1990-95 £247 
Spencer (George) 4pcW 36 H 9/1 O' 
Soillers 7rt=Db 197BB3 £97. 7<«PcOb 


American SocPf- £43 (16110) 

Anglo American Sets Coro 4pcDb 1965 
£8SU® 

Asset Special SltuMtona Wts to 'Cub 7 
118/10) 

Atlanta. Balt CMC Reg Wts to sub 22 
Atlantic Assert SpcPI (&iv 42 


BbHUe Gilford Japan Wts to sub S1‘ 
Bankers UncPf £44 <20.'lq) 

British Assets 4J»fcPf £39u: 401 <15MB) 

British Intent Gen SUocCb 69-89 £76 
_M9F1<W. 6ia»eUT 1994 £152 


CarteJM?"i£-n‘£^ 'raOfHH^ ' i£Si.J 8 ! g5£ Lf ?aB 8 

c saj?Bii‘'A»r« ,,vi0 ’- a “" i ■gjaraves 

Continental hidustrlei SpcDb' BO-85 £85 1 *•-' ■ *■» 

flBriOJ. SifPcOb *3-08 £70U: 9* - 5f?i2XSLJ* , SS£s *2® 

Danae Wts to Sub' 6 (20(10) 

Delta (BM) 21s conoi ‘ 

Drayton Cons. 2. SpcPf C*Us. SpcPI £42i» i 

119/10). 4 UpcDb 1983 £99'-. €19*1 O' ■ »hrn Rdbber * 

Drayton Premier 3-SocPI £41 IX'i (ifieU 4fIE£!L V ft£L ,E L tI 
5«M o £41 09/10). TiaKLn 1993 £137 

Dundee London SocPf £90 (49/10) -- n A IT TV 

FriUpwOh American SpcLn 73-98 (£1,4S0 nAU f" 

Mlnburah Inv Tat J'.pcDb 1981.86 ? Canadian Pad® C 7 Upc 
£86«j. SUocDb 1990,95 £7Kj 1 340 09001 


Aberfovh- Plamatlons (tel) Sis 
Anglo. Indonesian SWPt (£1) 92. FKa 
Raid Ln 1989-08 £G2 -la ™ 

Te a HM ga «Srt 82 O10F1O) .. 

? M9noi Pla, * tlho ^ # ^erhad . wt* . 107 
Do™^™ie Robber " EltS - eiQp). 90 

Guthrie SVpcLp. 1992.97 £89t r :- 
HWong Esi CTQd) 217 oiflfiov ' 

Inch Kenneth . K ataog Rubber . (4 Op) - 220 

3 M5/104- • . . . - — ‘ 

JahK (51) Irtfi 719/10) * 

Kiiihioiraii. (Rubber) Dev Syn non) 375 

“IS.’I® , . 

Khrta KelUs Rubber 0106) 94 (15/101 


Hong Leong- 172 («W 
Hooker-Crap- 56® 8® 


I Lendu Robber Ests (So) 72 f19/10> 
_ . 1 McLeod -Russel 4JS«Pf <£T) 4ft ■ 

SpcLn : Pf (x-.ii «Qn<n « <1 


I— J— K 

ICL Sl-ocDb 1979-B4 £91. SpcDb 1983-88 
£78 1;’ <19/101. 6 UpcDb 19B1JI6 £81 U 


Cl) 4ft •• ft90C 
7pcUi . 1986.94- 


Hospital Co America £32® 1 U 2 080714) 
ICI‘ Arat SO 016/10) 
lhft Conran' Tech Htdȣ2D t, 3 ta 
Jratfloe MaUrason FlD.tehPdLW £4U® h 


Malaysia' Rubber <108)' TOO® 
NorborpoBh (FM51 Robber Eat flow « 
-<19/101 *.'" 

RomsT Tek- HUBS. €E1f 320 -419/10) :: 
^odomaiu Gp OOP) 400 fl9(TD> 

Sunw Bahru Rubber Egts eiOp) 125 : - - 

Scrcub Valley ICO (19/10) 

Western. Doom Teg HWas SpcPf' (£1) 

64iip aonof - • 


Joftnaon Johnson 9US44JBB®..fia2IO> 
K M»rt £TTJ*®-«IO«OI • - 

Kia-ora Gold Tht C2OF10) - ■ ■ 

Kranvat Tin Dredg 60 1 0918) 
Knllm telafaraw 43 (Wt* ■ ■ r 
.Magnet Metals Ait £um») . . 
Malayan Credit *2* GOnO) . 

JMetam Mines 27 ciffis® • . _ 
Minnesota Minins LMh (Tgeldl 
Moat Kannoagey £61® 1 Onri%' ' ' 
«*■ 

Myer - Emporiiun 7S 
ML lodl £12® •' 

Negri Rimer 9 <2041 0) • 

■I 

Kiwi 90 x 20flO) 

Noradda MbUM «5o 
North- Fttnders 34 <mn 
Oakbridse 91 3 «1S®0) 

Ofl Co of AM 2 Btt, 9«*. 

Ofl Settrth 9U- • 

Otter Ekpld 41. <20WO) " 

Palabora. MlBbig 626 - 

Pafl . Corpn £zUi «9H0» ’ 

.-Pan Pacffic 411.01(910) 

1 PjUKXKlt PM TO • • . . ' 

Pens Central *I)SZ® CCOfllM 
PepsiCo £Z7J| 1US44U 
Pat Secs Aost 160 <KM10) 

Phetp* Donga £i«« 0191101 - 
Phase Morris £36% 

PhilBpt Pate -SUSS^r <WW) 

Pleio Bee Prod® 90- 
PHSrtsmet 2D-019flOf - •• 

-Pioneer jConcreto 70 * ’ 

Water Dn aeo.. 

PoaeWon'22s-E 7 9 • • ' 

Power Oprp Canada 490 00/107 


RAILWAYS 


oarrow <GW1 MracLn 1980-95 £247 Drayton Premier ftSncPf £41 ^3'. nvir.i J X:™? 

-peneer (George) AncPf 26 rt 9/1 O' SocPf £41 fisno). 7iy>cLn 1993 £137 ( - * 

Soillers 7pcDb 1978J3 £97. 7<«PcOb (1*10) . : OOOTO) • 

1984-89 £82'. «20|lO) Dundee London SocPf £90 €15/10) \ ■ -RATTU TJ 

Spong Hldgs note 2 ulBflO) •- FriUrtorah American SpcLn 73-98 f£1»4S0 1 nAUj “' 

Stag Punviture Hldos IOpcPI £1 93 4U Edinburgh Inv Tat S'.pcDb 1981,110 : Canadian Pacfflc - 7 UpcPi 

stavelev lod S’.pePf <£1I 43’* 4. 71,-hCLn £8GK 6UbcDb 1990,95 £7P< • 344 (19401 ' 7*^ 

1986-91 £64. TT.-pcLn 1988-93 £63' a, EngnsA .lhtnL Tst S'.pcPf (£1) 4S <10.'1O> I New Brtnsvrtck Raihrav 

tead. Simpson fpdlk £30' <15/101 EonHsh Scottish Imrntors B 60 (1940) ] Ortwin QnebeC Railway 

leSr B^3i5SHId»gbcLn 1O90-9S £70»;t External Inv f£1) 266 J a LaSr^MOtSSi R 

nn'llM FTemlnn American m Td I nr I n iqn,n - r™. uiKS! 


IMI° 7UpCLn 1986-91 CTT.-2'l. 7UrtJLn 
laiULQI £72 BpcLn 1 9B5-50 £80 

| 7 ? 4 1 * 

Imperial Cold Storage Supply <R0.2te 


Stead. Simpson *f^cDh £30 <15/101 
Steel Bro th ar t Hldgs 9pcLn 1990-95 £70»;t 
czo'fo* 

Steeelry 6UncDb 1985-90 £77'x. TpCLn 
. 1984-68 £82 <19(10) ' 


Sterling Ind 1st Pf «S>;dO (£1# 22 00(10) 
Stonehlll Hldgs KNipcPf kSD 82 <201101 
Storm gan) CIOpl 28 <19(10) 


Wmj3So Tfools^, 19ai<86 i 71 ~** 1010 

t New Railway 1 4®cbb r £U® 

IShUSLt iJ^SaV B 60 I Ortarra. Quebec RaHwav Spent £41 St® 

tlwTIWi inv TSt f£l) 265 I Ct I Jtwf ir w OMa ft' Rjrihov J^^fawi-a 

Inv - T,t 5pcLd 1fl87. J 92 j to £»i blSflO). , 

n™ra a ( VtaSLrtii® Ira T« SocPf an \ ^SS^olSo) “ 

•45 €19/10*. 3tjpcDb 1960-95 *4' 1 lW10> • -' • 


00(10) imperial jjwo »«»■■ 

<I9 ' 1W Imlwl" ”Sids 6 UncDb 196B40 £78 

£7*1, 119/101 _ • _ i, fio-e 


im»njl SJfpcUi 82-85 £89U ’j. *AK 
'lTwOMW ItsSET 7J0CL0 2004-0? 
£67 U. IOSpcL" 90-95 £M U J < 4. 
BpcLn W-90 £90 I: 1 I,. 2l » 

iSL’TS'-LSnS?’ ^ 

Imtial Opcin 88-OT £73U UW10) 
inter Paint JUbcLn ap-*»*73 «l*i®» 
Isle ol Man Enterprise I20p* 15 ilsiltJ) 


Storm gan) 01081 26 <19(10) 

Sunbeam Wolsey flrEOast 19U- OpePI 
t*r£1) l£0.28 01G/1O) _ 

Sunllaht Service Grp 6>.poPf €£1) 70 
(19/101 

Suter Df Qpl 20 «19/10L ftUpcUl 19BS- 
2000 £73 

ffio/ioi 

Symands Eng Cn) 13 020(10) 


<19110). 4'apcDb 1983 £9SU 6 
Foragp Col Imr Tst SpcPI (SI) 43i« 
(20(10).. SpcDb 1985-90 £GB. GUpcDb 
1987.92 £73- 7UpcDb 1989.'94 £73 


SKIPPING 


1985-90 £68. 6 UpcDb. CaieteniM Invests UpcDb 1980-85 £89 . 

7upcDb 198».'94 £73 Ellermaii Lines 4i/BwPf «£1) 3« i, ciS/lOl 
- -omv „„ HuMim Gibson BpcPr; W) -. 4SU1 


<19/10) 

G>/^ajBan Inv T«t 8'aJClJi 1907 £207 
Gtojrow StncUlDhtera TSL 4pcDb 1974-84 


'wKi s i23 »tt mi. ezofini 'Globe Inv.TM StjpCUr _1987/gr £115 

ws ten m * aw '^so& ay«ajs?» Am 30 

T -u-y 

T ?w 3 TS^A^Sbb 4 * 

aoTiv, 2 <tVnW - 11,93 £ ” 


iflrs&M.. _'6UpePf tfi1> 53* -.Wt >' 
Pemn&uler,. Orient ■ Steam -SpePfd £49U- 


Pamnurier,. Orient Staara -SpcPfd £49U- 
3'raeDb £27 U <18)106 3Upc2jidOfa 

£27® •••■•• 

S-Jnmptow. IOW SOE RM Steam Pkt 
(Son) 230 .(18/107 1 - 


;■ ImUTBES 

Beet-' 5apoly--j'C 


TaJbot Motor 5'xPCOb 1984-89 £78 

( 20 / 10 ) • 

Tarmac siracPf rid) 02 0MMTO). eupcDb 
1909^4 £60 <18(1 O'. 6 UpcDb 1989-94 
£68 eionoi. 7 UbcDfa 1992-97 £73 
(19(10). • SLpcLn 1990 95 £73 ri9/10» 
Tate A Lyle 6iaicPf (£1( 57'a €19/10). 
S'FPtSb 19SD-0S £08 020(10). 7>«pcDb 
1989-94 £74b 5. 5UpeLn 1985-80 £761; 
O 9(10). 7 J ;pcLn 1003-08 £86<a <19/101. 
lipdJi 1994-99 £14 00(0) 

Taylor Woodrow 7 'ukLi 1987-90 £80 
Thomson Ora 4.72pcPf «£1) 04-1). SJISocPf 


5dpoly=J-Corj» -ftodlaV 

5fi“(i5icn z m» 1» 

Electricite . te France' 12'jpcU» -2008' 
£341, h„ 

Felixstowe Doric ft Railway 6*awDb l9B5- , 
87 £S20 

Manchester. 5tUp Canal SpcPf ttl) ZB. 
.1st 3>aicDb £Z9 tlB/TOL 3^c Db> 
£27 1.1611 Ol. 4gcDb £ 31 OS /lS .; 
Mersey Docks Mrabcnr • OnHMl Oskr ; 
24 -SUPCDb 1974^0* ESl-Q?flO) : -| 

nwiou e upcot, 1996-99 £45. 

Mutant Dock/ 3*ipcDb OO* (19/10) m 
Southern CoHfOriM Edison <301) S34 

(1«I» 


London Prow 71* 5pcPf (SOp) M (19(10) 
London St Lawrence- lav <5p)- 22**.. Spc 

Metropolitan Tst 4>.-pcPf (£1) 39 (15.10) 
IVUdiaad Tit -113 <20/10) • 

Minerals Oils Res Shs Food (SO. 10) 


M^oorilde Tst 9pcDb 1 997.2202 £63 
-Murray Ctvdesdale In* Tit ft'aPCPI ( 


(C1J 77®. 21.7ocPf TS. 3oeDb 1964^4 
£77 <19110). 7'aPCLn 1987-92 £69 


Murray Clydesdale In* Tst ft'aPCPf <£1) 
41 (18/10) 

Murray' Western Inv Tst 3 UpcDb £26 
(18/10). . ' 


Thorn EMI 3^ucPf (£11 ««/10). 7«: 

Pf 1992-99 (£11 118 T s 7 B U. SpcLn 
2004-09 £46l a .00/10). ftlypcLP 1985-89 
£79. 7UpcLn 2004-09 £68*. OUpeLn 
190934 £76 118/10) _ 

Tiling. Ohomart AGSocPI ®i) 50 H5/T0). 
S.ZSocPf t£1) 67 €19/101. HocDfa 1965- 
90 | £84<1 5. BbpcLn 1909-94 JE78US b 

TloxWe Gp IH.-ocLn 1981-86 £80 M901CV 
Trtagfaur Jute Factory 6p«Pf «» 48 418/10) 
Tongaat-Hufett* Gra CRIi 318 019HO* 
Tootal Gtp 5pcPf (£1) 44. 7'aocOb 1905- 
90 CBOU. 7UpcLn 1989-94 £62 3 'r 
Towels ClOp) 75 (20I10>. A flop# 36 
OW1 O' 

Trafalgar House 7«cOb (£1) 59. BpcLn 
1994-99 £741,. 9'racLn 2000-05 £82. 

lOipcLn 2001-08 £91 
Traoscanada Pipeitnes legate 2007 £1 
118** <20/101 

Transport Dvtpt 42pCPf (£11 46 501: 

(2010). SLpcLn 1995-2000 £83 (18/10) 
Tranwood (5 p) 6U 

Trnstbouse Porte 6.25nClstDb 1984-89 
£76 7 (18 101. fi.25pCl«Db 1985-90 
£75 <18/101. 10.5PCDb 1991 -96 £941; 
(20T0I. 9-lpcLn 1995-0000 £79U 82 
U 019/10* . 

Turner Hawaii lOUpctn 1990-95 £73 
(ZOflO). 1I<UpcLn 1995*2000 £72 

0 8 - 10 ' 

Turriff SbpePf «1). 35. flWIOl 
Track CW.) Sons Torngr «25p) 91. TbPC 
Pf (El) 40 (15-10) 

Track fW. AJ OOp> 19 


New Darien Oir Tst .WtS.ta' sob 25® 
New Throgmorion Tst 4pcLn <£9*i, 

<18/10). 7p«Ln 1991 (£1T 78 O»10l 
New Tokyo in* Tst Wrtntasub. -31 (2 Dl 10) 
1928 Iny -Tst &UDcDb 1998)2003 £80 

; NmSJ™ American, Tst S'srtM .tel) 42 

Ovrtk? In* lOpePf €£1) 1-10 (zono).' 

4hocDb 1979-84 £90', . ' 

Pentland Imf-YrtSpcPf £42 09(10) 

R1T Northern ' Wrtsusnb. 26_ 7. 4oePf 
f£1) 44 (20.-1IM. 5pcPf f£T) 59 05.10). 
VbpeDb 19B4-66 £89 
Rights and Issues Inv Tst loft 43. - TbpePI 

-River - Mercantile Tst SpcPI £45 (18'10). 
River Plate Gen In* 7« Wrtstosob. DM 

St Andrew Tst .9 bpcM £« s>- 8 ' «i«n 0) 

Scottrth Mete r nt ll eHnr 1 TO i15(10) 

IStttri. inv Tst 4S5pcAPf £50. SpcDb : 

s^Ssh Mortoage - - Tst suocPf £ 4 Vi j 

(trio . 3 UPCDb- <1980 85) . £04U 


Remits Con ZTO.CHglO i , ■ 
Resowce Service 165 <1BTF0) 
Revlon U6b . 


Samantha Exrta 15® 

Samson Exphv 9U® IT® <j 0I081M 
securftv Tag 215® 17* £l« 30® 097 8 
9 200 1 2 3 4-5 67 89 10.10 .18 13 


amson ExpInOU® IT® 
ecprftv Tag 215® 179 
9 200 1 T 3 4-5 6 7 1 


14 1-5 16 17. V6 20 . 

Selangor Coconuts 62* 3 4 

Selangor Props 123* 7* 3 020/10) 

Sharai-Cpn 236 40 

ayrff Canada A £12 -0ZOK1O) 

Sdnvy Drati niOM TOt® 

Slnganora Land 19G. <2081 Oi . 


WATERWORKS . 

Bournemouth 3 j5pc; tforiy ■ 5pd £ 
naittoi. 2^pe <fmiv 4i»W-Pf £30 _ 

£3 4 itt6pc -<fmlr »U pc> .P t ,11983 
£77 ».4T5€10). .4-9Spc flndy 6Und 
J980-B2. -£96*»< WO). __7pCff ) 
£98'wft -llT <16*10). 


StoncSnd'OU. CalH Sn<? ttQfltt ' 
Standard OU Indiana C20U 
Standard OH OUo. EZhTaU 
Steep Rock Iron .Minas JZOO* 0T90TI 


(ftnlv Hp« Pf- 
s>;Pt 1983-08 
trty &UnO Pf. 

7PCPTT983 
9pcPt '1980 


Sturts Meadow Pro* 42 3 4 
Son flung KaJ Praps 42 . - 

Super VHP sta iisu . . 


cSStti 

4.55PCI(irHr 6UPC) pTt*8M4 £019. 

tis-i® • . 

Chester 4 J(pc <fn»v 6pe) £4SBj 41?flO) 
Colne Valley 3.5pc ifmly 6oc) £3BU. A 
7 d c (ffniy IQpc) £75 flOnOI. 4.9pt 
Ifmly 7 pci £SZ 00610). Z.8PC (tody 

4pu pi fizav-nejioi. A2pc-<fmiy 5«d 


TMF Cbenpg Praps looj* ' *:■ 
laraot itots wuftis t® h 


Ttovat rana SAS0.1S Pril l® 

Target . Pee M . •. 

Trek Cnn- B 380 90 ' < 

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VJEL CONVERTIBLE STOCK 23/10/82 


Name and description 


(Current 
price - 


Con- - P r e ua t a at 

' - version . Flat Hed : ■ — * 

■Terms * 1 dates* . yield . • yield. Carrent Ranged 


S»ti»tiea prevWeri by 
p ATASTREAM IntummStmol 
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cost of the equity In toe convertlWa stock. * Three- month range.- fi Income tm numberof ordinary aharos Into wWdh £100 

This income, uprMsed inpencan sommed from prasont t.ma until income on ordinaiy shares li-groator than'lncome on £100 tiombnWrti S. 

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convertibia. Income is summed until conversion and present valued at 12 per cent per anaum. OThu is Income of the comm nlw. ' ^ 

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-Store group 
. - unyeiite plan 
.. for early 
^retirement 

- ■ ^ By Walter ©Ii* in Amsterdam 

; 4 VNO. the main Dutch- employers 
federation,, it worried that an 
. * fe&riy retirement scheme worked 
'out between the Government 

- atfd Vroom en Dreesman, - the 
Netherlands’ leading chain-store 
group, .could- lead to . similar 

''denis at great east to. -the tax- 

• -payer.. - -»■ - 

■ s V en D has secured the ap- 

proval of its ..trade unions for an 
*" agreement under whidi the Gov- 

- eminent wiH finance the retire- 
ment .of volunteers aver the age 

* bf : 57J years in return for a 
guarantee to employ 250 young 
people each year for the next 
seven ■ years^ -. - 

.^“.^Abotjt 9§o older workers are 
Reeled to take tap the scheme. 

■ Tine total cost to OSs- state could 
be FI 110m (539.8m). For Hie. 

’ first, six months after retiring, , 
they ..will' receive 90 per cent of 
their salary,- falling to 70 per 
cebtifcr The next seven and a 
half years .until- .normal old-age 
pensions became- available. 

VNO believes similar deals 
could' add greatly to ind u st ry ’s 
tax ' burden . as government 
sought- to pass on the cost. The 
social welfare ministry said the 
possibility vf the deal being 
only th.e first of. many could 
not be ruled -out; • 

V en Ii considers the deal a 
one-off affair. It Claims that the 
cost ef hiring young ' workers 
will over .a period of years more 
than offset the -benefits 

Tobacco group 
moves ahead 

TSy'Dufltty Hunt in Copenhagen 

SCANDINAVIAN Tobacco, the 
Danish 'cigarette giant with 98.5 
per-cent of the Danish cigarette 
market, is to pay a 50 per cent 
dividend for ' the year ended 
June 1983. 

In '1980 the dividend was an 
exceptional 100 per cent, be- 
-canse. of .large-scale investment 
by the parent company, Scan- 
dinavian Holdings. 

Gross, sales were DKr 5.673m 
(S636m), of .which DKr 4,613m 
went in- duty, giving a net sales 
figure of DKr 1.060m. Net 
“ profits were DKr 151m,' against 
DKr 101m.. 

" Mr Karl-Johan Levinsen, head 
of the cigarette and pipe-tobaccn 
division.: said the improved 
results were largely due to in- 
creased exports i 


Steep first half decline at 
French cement producer 


BY OUR FINANCIAL STAFF 

LAFARGE-COFPEE, the cem- 
ent producer which in recent 
year has become on of 
France's fastest growing 
industrial companies, reports 
a steep decline in profits for 
the first half of 1982. 

After tax, profits emerge at 
FFr 84m (511.7m), a decline 
of 40 per cent against the FFr 
139m achieved during the 
opening six months of 1981- 
The downturn stems from 
currency losses. Changes in 
group structure and demand' 
weakness in North America. 

Sales rose by 26 per cent 


to FFr 7.8bn, but the company 
is at pains to point out that 
the upturn has been Inflated 
by changes in group trading 
structure. These apparently 
account for around half — 13 
points — of the six month 
growth. 

The deterioration in profits 
stems from a rapid decline in 
North American sales, especi- 
ally Canada where Lafarge has 
something like two-fifths of the 
local market. 

In 1981 group sales rose by 
more than half to FFr 13.9bn, 


partly as a result of the first 
time Inclusion of the accounts 
of Coppee Biotechnology of 
Belgium. 

Net profits last year totalled 
FFr 373m, representing an 
Increase of 15 per cent. The 
figures excluded exceptional 
profits resulting from the sale 
of the Lafarge Emballage pack- 
aging division. 

For the first half of 1983 the 
parent company tuned in a 
loss of -FFr 23m compared 
with a profit of FFr 9L5m 
which included a non-recurring 
capita] gain of FFr 38m. 


Ito-Yokado 
hit by weak 
consumer 
spending 

By Yoke Shibata in Tokyo 
ITO-YOKADO. Japan's second 
largest operator of super- 
markets, suffered * * 6 P* r 
cent fall in net profits to 
Y4Jlbn ($15^ny for the half 


Indian chemical giant 
formed by ICI units 


BY P. C. MAHANTI IN CALCUTTA 


Recession keeps Amax in red 


BY TERRY BYLANOIN PARIS 

AMAX, the U-S. metals and 
mining group, suffered a net 
lbss of S07Om in the third quar- 
ter of this year as the world re- 
cession continued to depress 
metals operations. In the com- 
parable period last year, Amax 
brought in net earnings of 
S51.4m or 73 cents a share. 
Sales have fallen from 5656m 
to 5517m. 

Mr Pierre Gous&eland, chair- 
man and chief executive, said 
here that the businesses most 
severely depressed were molyb- 
denum, nickel, tungsten, base 
and precious metals, potash and 
aluminium. Partly offsetting de- 
clines in these businesses were 
increased earnings from Iron 
ore and energy. 


At the nine-month stage, 
Amax shows a net loss of 
9145.6m (32.57 a share) com- 
pared with a profit of 
(or 53.18 a' share) last year. 
Sales were down from $2.1bn 
to S1.86bn. 

Mr Gonss eland said that “ par- 
ticularly aggravating to us” is 
the depressed state of the world 
steel industry. The steel com- 
panies are major customers for 
molybdenum, of which Amax 
is the world's leading supplier. 

In the present economic cli- 
mate, Amir's first strategy is to 
strengthen cash flow, the chair- 
man said. “We maintain our 
options on projects that will 
produce income in the future.” 


Mr Gousseland confirmed that 
Amax was seeking a partner for 
its coal business and accept edJ 
published quotations of $lbn a 4 
a likely price for such a parr 
nership. f 

• Phelps Dodge, the largest 
U S. independent domestic /cop- 
per miner and fabricator/ an- 
nounced a third quarter 7#ss of 
$26&m compared to a /53.6m 
profit in the same qujfiter a 
year earlier. Revenues/ during 
the quarter fell 39 rer cent 
from 5359.7m to $220nr. : 


For the first nine 
company lost $64. 8r 
profit of S5&9m (S2j 
on revenues that we 
halved to $772.3m/r 


(oaths, the 
against a 
8 a share) 
e virtually 
m $1.45 bn. 


Australian Alcoa stays in black 


BY OUR FINANCIAL STAFF - 

ALCOA of Australia has re- 
ported a fall in profits for the 
nine months ended September 
but has remained in the black, 
unlike many of its competitors 
in the aluminium sector, which 
is suffering from weak prices 
and demand worldwide. 

Net profits fell to A $51 .2m 
(US$48m) from A580.3m a year 
earlier. Sales rose to A$696.5m 
from A5659.6ni a year earlier. 

The company, which is 51 per 
cent owned by Aluminium Co. 
of America, said profits are 


expected to decline further in 
the immediate future. 

Alcoa said it was helped in 
the third quarter by the devalu- 
ation of the Australian dollar 
against the TT.S. currency. Of 
the A$14.3m third quarter pro- 
fit fully A$13m stemmed from 
increased export revenues be- 
cause of the devaluation. 

The depressed outlook for 
aluminium markets will lead 
the company to keep operating 
levels under close review at its 
Point Henry, Victoria, smelter 


and Its Western Australian alu- 
mina refineries. 

The board «oes not expect to 
see any significant upturn in 
the international aluminium 
markets ndet year. 

Earlier /this week the U.S. 
parent ctfl its dividend for the 
third quarter from 45 cents a 
share to SO cents when it an- 
nounced a loss for the period 
of US514.4m against a net pro- 
fit off S8L3m a year earlier. 
RevGCues fell by 10.6 per cent 
to’ Sl.lSbn from Sl-Sbn. 


year ended Ajfea** 31 on a 
consolidated bias because of 

H margins. 

7-3 per cent 
a ($L67bn). 
xner spend- 
tcerbated by 
son and cool 
, was res- 
it ow growth 
: accounted 
of the total 
r cent, sales 
»d for 344 
?r cent, and 
counted for 
1.3 per cent, 
iv Interim' 
Ml II ' per 
Net profits 
it to Y5.5bn 
1 ^>n h a If -y par sales of Y3S6-5tm, 
?up by 5-3 per cent. 
f The earning setbacks at 
; parent company level were 
blamed on sluggish sales at 
existing stores. and 
deterioration of the rate of 
gross operating profits by 0.4 
per cent point to 213 per cent. 

The company opened three 
new sales outlets In the 'first- 
half and plans to open frmr 
in the gerund half to give a 
total of 113 stores. 

Tto-Vnfcado’s full year un- 
consolidated net profits are 
expected to reach Y12.8bn, up 
5.9 per cent 


Second-half fall 
in Stelux profits 

By Our Hong Kona 
Correspondent 

EFFORTS to diversify' into 
property have failed to pay off 
for Hong Kong watchmaker, 
Stelnx Holdings and attribut- 
able profits' for the year 
. ended March 31 fell to 
HK$60.6m (OS.58.9m) from 
HKS97.4m a year earlier. 

Despite being hit tay the 
slowdown in both the property 
and watch markets during 
the second half, the company 
set the final dividend at 25 
cents a share, making a total 
payout for the year of 40 cents 
per share, unchanged from 
last year. 


FOUR Indian subsidiaries of 
ICI of the UK are to merge to 
form a major chemical company 
with annual sales of about 
Rs 3.2bn (9330m). which would 
rank in the top 10 of the 
country’s private sector. 

Indian Explosives, which is 
50.4 per cent owned by ICI. will 
absorb Alkali and Chemical 
Corporation of India (51 per 
cent owned by ICI). Chemicals 
and Fibres of India ( 55 per 
cent) and Crescent Dyes and 
Chemicals (40 per cent). 

The boards of the cour com- 
panies have agreed to the 
merger which wall leave ICI 
with a 51 per cent stake in the 
expanded Indian Explosives. 
The companies hope to receive 
government and court approval 
soon for the deal. 

The directors said the new 
entity will benefit from haring a 
wider range of products and a 
strong market presence. It will 
also gain from economies of 
scale and tax advantages. As 
separate companies they have 
been subject to several restric- 
tions on investing in new lines 
of business or expanding 
capacity. 

Indian. Explosives makes ex- 
plosives and fertilisers and 


reported a pre-tax profit of Rs 
73.4m on sales of Rs 1.28bn in 
1981 against Rs 10.2m on Rs 
682.5m a year earlier. 

Alkali and Chemical suffered 
a loss last year because a short- 
age of industrial alcohol, one 
of its main raw materials, 
forced it to shut down for part 
of the year.. It had a pre-tax 
profit of Rs 15.3m on sales of 
Rs 716.2m a year earlier. 

Chemicals and Fibres, a 
producer of polyester fibre, 
reported 1981 sales of 
Rs 656.1m and p rex-tax profits 
of Rs 29.4m, compared with 
Rs 433.9m and Rs 5.5m a year 
earlier. Liberalised imports 
of polyester fibre have, how- 
ever, intensified competition in j 
the market over the past two | 
years, i 

Crescent Dyes, a maker of I 
dyestuffs and other products I 
for the textile industry, has 
seen its profit margins steadily 
eroded in recent years. 

Under the terms of the j 
merger, every seven Alkali 
shares will be exchanged for 
two Explosives shares, five 
Chemical ' shares for four 
Explosives shares and 10 Cres- 
cent shares for seven Explosives 
shares. 


Citibank ‘committed’ to 
private banking sector 


BY PAUL TAYLOR IN NEW YORK 


CITTBANjy, the New York-based 
banking group which is the 
second largest in the U.S., has 
reaffirmed its commitment to 
pursuing the private banking 
sector aggressively. 

The bank, which earlier this 
week announced a 56 per cent 
increase in third quarter earn- 
ing to $210m, made the com- 
mitment in a presentation to 
New York financial analysts. 

The presentation, which in- 
volved five senior Citibank 
executives, amounted to a full 
scale reaffirmation of the bank- 
ing group’s domestic and inter- 
national growth strategy. 

But in particular the presen- 
tation appeared designed to 
allay criticism that citicoip had 
placed too much emphasis on 
consumer banking and spent too 
much on new technology in that 
sector. 


Mr Walter Wriston, Citibank's 
chairman, said the bank “ be- 
lieved " in consumer banking 
" even more " today than when 
the group adopted its aggressive 
consumer' banking strategy in i 
the 1970s. 

Both Mr Wriston and Mr 
John Reed. Citibank's world- 
wide personal banking senior 
executive, said that despite the 
high costs of concentrating on 
the sector, which resulted in a 
SI 00m after tax loss in the divi- 
sion in 1980, that it was now 
u large and profitable.” 

By 1985 Mr Reed predicted 
that personal banking would 
account for between 20 per cent 
and 30 per cent of the group's 
total profits. “We beMeve our 
original commitment was good,” 
he said. 


suffers 
eight month 
setback 

By Fey G jester in Oslo 

BORREGGARD, the Norwegian 
industrial group with interests 
in forest products, chemicals, 
metals and foodstuffs, reports 
a fail in profits to NKr 43.5m 
($6m) before tax and end year 
appropriations for the first eight 
months of 19S2. compared with 
NKr 67.6m. 

The weaker results “reflect 
the influence of the inter- 
national recession, with an 
especially n" satire influence an 
exports.*’ The group foresees 
no improvement m general 
market conditions in the final 
four months of the year, and 
i predicts i hat .Troup results to 
! 19S2 as a whole will be lower 1 
1 than last year's pre-tax result 
nf NKr 151.2m. 

Sales tnir.ned XKr 2.427m, , 
! NKr 102m up a year earlier. 

[ Significant rises in sales of 
I foods, detergent? and toiletries, 
chemical prodnrts and sundry . 
products nmre than offset 
declines >n sales of edible oils 
and fats, forest products, textiles 
and minerals. 

Although the market for 
sulphite pulp, an important 
Eorresgard product, continued 
to deteriorate, the stranger I 
dollar helped to maintain prices 1 
expressed m Norwegian ■cur- 
rency. Demand for fine paper 
declined, end production was 
cut back by 20 per cent. 

Output of rayon staple fibre, 
on which Bnrregcard has long 
been losin? money, is to end 
in November. 


Matra lifts 
earnings 1 

By David Marsh In Paris 
MATRA, the diversified French 
defence and technology concern 
which came under state control 
this year, recorded a SI per 
cent rise in profits in the first 
half of 19S2. 

Net parent company profits 
rose to FFr 71.6m (S10m) com- 
pared with the depressed figure 
of FFr 54.5m in the first she 
months last year. 

Turnover net of taxes rose 
to FFr 2.3bn from FFr 1.6bn, 
and the company confirmed its 
earlier forecast that turnover 
for the whole year would rise 
to FFr 5.5bn from FFr 4.5bn 
in 1981. 
























ftoapanie* and Markets 


LONDON STOCK EXCHANGE 


Liquidity shortage poses problems and markets react 
Equities mainly affected but STC stage good debut 


Account Dealing: Dates 

4 Option 

First Declare- Last Account 
Dealings lions Dealings Day 
Oct 4 Oct 14 Oct 13 Oct 25 
Oct 18 Oct 25 Oct 29 Nov 8 
WOT 1 Nov 11 Not 12 Nov 23 
" New-time •• doalinos way uhe 
from S.30 am two business days 
«■ filer. 

Liquidity shortage again posed 
problems for London stock mar- 
kets yesterday. A continuation 
of this -week's exceptional credit 
tightness in UK money markets 
largely reflected bank lending to 
client/customers either investing 
or stagging on borrowed funds 
the recent heavy flow of new 
fi x ed interest and equity offer- 
ings, particularly those in Stan- 
dard Telephone and Cables and 
International Signal and Control. 

Applications for International 
Signal were proportionately 
heavier than those for STC 
which, in first-time dealings yes- 
terday, reached a premium of 
around 70p on the issue price of 
525p. STC's debut failed to com- 
pare with those of Cable and 
Wireless. British Aerospace and 
Amersham in turnover terms, but 
business was active; the trade 
mainly . consisted of persistent 
small orders 'from private clients 
and tittle interest was shown by 
institutional sources. After open- 
ing at 595p. STC new managed 
to touch 600p before reverting to 
the opening level. 

The banks were thought to be 
exerting pressure on customer 
short-term borrowing. As these 
commitments were reduced, 
some sectors of London stock 
markets ran into selling, part of 
which, was forced. Recent popu- 
lar stocks encountered further 
profit-taking and the combina- 
tion pushed equities lower after 
a firm opening on overnight Wall 
Street advices. The trend in New 
York also became a factor again 
in London's late trade and en- 
abled leading shares to close 
above the day's lowest. 

The FT Industrial Ordinary 
share index measured the vola- 
tility with an opening rise of 3-3 
and a net loss of 6.7 four hours 
later before a close of 3.5 down 
on balance at 619.4; on the week, 
the index was 15.5 up after hav- 
ing established an all-time clos- 
ing peak of 626.1 on Tuesday. 

Funds were scarce, too. In the 
Gilt-edged market where a dull 
tone prevailed despite the Chan- 
cellor's prediction of inflation 
down to 5 per cent by the fpring 
and his hint nf more flexibility 
in monetary policy. Light selling 
brought falls of 4 among longer- 
dated stocks and late reports of 
a U.S. Prime lending rate cut 
to 11} per cent failed to reverse 
the downdnft. 

Against the trend, buyers were 
around for undated Conversion 
3} per cent which rose j to 395. 
Gas 3 per cent 1990/95 was also 
in demand at 62. up Index- 
linked issues, which have fea- 
tured strongly this week, were 
quieter and shortly after the offi- 
cial close a new issue of £250m 


index-linked Treasury 2* per 
cent 2003 by tenders was an- 
nounced. 

Guinness Peat rise 

Guinness Peat featured firm 
merchant banks, rising 7 to 60p 
on confirmation of the sale' of 
the group's commodity broking 
and merchanting business to a 
new holding company, Lewis and 
Peat Holdings, headed by Lord 
Kissia. Elsewhere. Kleinwort 
Benson put on S to 25Sp and 
Schroders firmed 15 t« 480p. 
Dealing in Barclays new £150m 
£25 paid 12 per cent unsecured 
loan stock 2010 got off to a an 
uninspiring start at 2 pm, open- 
ing at a * discount before 
rallying to i premium before 
closing at par. 

Interest in Composite Insur- 
ances was at a low ebb with the 
closing tone dull following occa- 
sional profit -taking. 

Voyager Petroleum made a 
quiet market debut: the shares, 
dealt under Special Rule, opened 
at S3p and touched 88p before 
settling at S7p; the placing price 
was 80 p. 

Favourable Press mention 
failed to stimulate any worth- 
while trade in the Brewery 
leaders and the -trend was fo 
slightly lower levels. Allied 
eased a penny to 145p and Bass 
were 3 cheaper at 26Sp. Up 26 
on Thursday on the marketing 
agreement with Watney, 
G. Ruddle came back a couple 
of pence to 260p. 

George Wimpey, down 6 on 
Wednesday on news that a 50 per 
cent owned associate company, 
Highland Fabrications, was ex- 
periencing problems with an oil 
platform which could lead to a 
delay in delivery, came under 
fresh selling pressure and sbed 
another 6 to 121p. Other leading 
Buildings closed a shade easier 
for choice after a quiet trade. 
Bine Circle softened 3 to 462p 
and Tarmac 2 to 398p. Elsewhere, 
McCarthy and Stone, a thin mar- 
ket attracted further support 
and put on 5 for a gain on the 
week of 30 to a peak of 295p, 
while French Kier met fresh in- 
terest and rose 3 to a high for 
the year of 130p. 

1CI fluctuated narrowly in 
thin trading before closing un- 
changed on balance at 320p; the 
third -quarter figures are due 
next Thursday. Amersham slip- 
ped to 25Sp before settling a 
net 3 off at 259p. while .VI lied 
Colloids. a strong market 
recently, gave up 5 to 290p. 
Plysu. on the other hand, found 
further support and in a thin 
market, rose a couple of pence 
to a 1982 peak of 138p. 

UDS good late 

Stores were featured by a late 
speculative flurry in UDS which 
closed 4 better at 75p on re- 
vived bid speculation including 
talk that .Mr Gerald Ronson's 
Heron Motor might significantly 
and to its 5.1 per cent stake 
marks and Spencer, cheapened 3 
to 209p, after 208p, ahead of 


WMMybtahaaiaws 


H-MHgi 

626-1 


n Ti 




: I J L 




Tuesday's first -half figures, while 
British Home lose 4 more to 
184p on renewed profit-taking in 
the wake of the favourable half- 
yearly results. Vantona fell 7 to 
llOp following adverse comment 
on the group's rescue bid for 
Carrington Viyella, a fraction 
easier at Sip. Folly Peck, on the 
other hand, jumped 35 more to 
S40p on further consideration 
of recent Press comment, while 
Cornell improved 5 in sympathy 
to 195p. Austin Reed A put on 6 
to 130p and J. Hepwonh hard- 
ened a few pence to 12Qp; the 
latter's annual results are 
scheduled for November 2. 

In Shoes. Footwear Invest- 
ments jumped 8 more for a gain 
on the week of 16 to 99p follow- 
ing the acquisition of medical 
equipment concern Rhinoterm. 

Leading Electricals continued 
easier on profit -taking. Plessey 
sustained a fresh reaction of 13 
at 590p. while BICC shed 10 to 
323p and Racal S to 562p. after 
557p. Elsewhere, . Amstrad 
jumped 30 to 460p in belated 
response to the proposed 100 per 
cent scrip -issue, while Paetrol 
advanced 20 to 250p following 
demand in a restricted market. 
Louis New mark, also a thin mar- 
ket, lost 18 to 210p in the wake 
of Thursday's AGM. 

Still benefiting from the half- 
year figures announced earlier 
in the week. Hawker continued 
to edge higher and closed 2 up at 
346p for a rise of 24 on the week. 
Other leading Engineers were in- 
clined firmer initially, but 
drifted back in line with the 
general trend: GKN closed a 
couple of pence easier on balance 
at 133p after 138p and TT ended 
without alteration at 118p. after 
120p. Scattered support was 
again evident for secondary 
issues, but the overall picture 
was one of mixed movements. 
Ley's Foundries, a rising mar- 
ket of late, advanced 8 more to 
26p on news of the bid approach. 
Demand in a limited market lif- 
ted Bnllongh 13 to 230p, while 
Lake and EUiott were again 


wanted and put on 3 further to 
30p. Christy Bros, rose another 
2 to 22 p and Wadkin were note- 
worthy for a rise of 4 at 50p- 
Prestwieh Parker firmed 3. to 2Sp 
on the return to profitable trad- 
ing. Simon Engineering were 
firm again at 350p- up S. Among 
smaller-priced issues. C. and W. 
Walker rose 21 to lOJp. while 
C. H. Bailey became, a lively 
market and closed If dearer at 
7{p. In contrast. Staveley lost 
6 - to 202p. while Benjamin 
Priest, a firm market recently, 
gave up 2 to 2Ijp. 

Brit. Aerospace flat 

Food Retailers succumbed to 
scrappy selling. J. Sal ns bury 
shed 15 for a two-day fall of IS 
to 4G5p following a broker's 
bearish circular, while Tesco 
slipped to 95p before setting a 
couple of pence off at 96p. Argyll, 
interim results due next Thurs- 
day’. gave up 3 to 106p, while 
profit -taking clipped a couple of 
pence from recently buoyant 
Be jam. to 153p. On the other 
hand. Kwik Save gained 4 more 
to 292p; the preliminary results 
are due next month. Fitch Lovell 
hardened a penny to a 1982 peak 
of 109p; bidder Linfood has in- 
creased its stake in the company 
to 2.5 per cent. Elsewhere, Bio- 
Isolates. dealt in the Unlisted 
Securities Market, met further 
support and firmed 2 for a sain 
on the week nf 19 to a peak of 
94p. George Bassett hardened a 
couple of pence to 85p on revived 
takeover rumours. 

Miscellaneous industrial 
leaders brought the week to a 
disappointing close. Renewed 
profit-taking took its toll, par- 
ticularly in Beeeham which 
slipped to 357p before closing a 
net 12 down at 363p. Metal Box. 
at ITSp. lost 10 of the previous 
day's rise of 12 on buying ahead 
of the interim figures due Nov- 
ember 22. Elsewhere. British 
Aerospace dropped IS to 221p on 
nervous selling induced by ad- 
verse Press comment Stocklake. 


FT-ACTU ARIES SHARE INDICES 

These indices are the joM compaatkm of the Financial Tunes, the Institute of Actuaries and the Faculty nf Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 


ftps k tine ante 

Bf sbds per section 




Ttars Wed Tub Mm 

0d Oct Oct Oct 

21 20 19 18 


Highs and Lows Index 


ES- Gras Eel 

Eand* Mr. P/E 

Da/S YU!«neM« Rada Index 

Change (Max.) (ACT* (Net) No. 

% 30%) 




latex Index 
No. No. 


445J8 44309 
38981 379.77 
71109 704.70 


■ liitf.s: pi. 1 ir.i 




m 



20230 
149-87 
7837 
369.91 
39224 
42198 
326J4 
82169 
65501 
44463 
557.72 
15020 
362J9 
176-71 
532 457.41 
6633 306.06 
9.60 Z76.93 
36405 


47720 462J7 
199.79 197.46 
150.18 14736 
77.90 7978 
37025 367.48 1 3ZL67 
39520 389.99 24175 


14869 
36L85 
176-56 
46333 
30082 
27639 275-58 
36328 365.91 
9938 9934 
53834 536.47 
379.90 37436 



44736 GUlQfflZ) 5971 03/12/74) 

38531 amm Hzrauwni 
mm (w/uvBZ) 7i« wwm 

84.71 (2UU62) 




r 

SR? 

a 

19229 (4/5/79) 

t 


5 


E£ 


S 





5433 (9/1/75) 
5538 (6/1/75) 
4336 (6/1/75) 
5233 (6/1/75) 
6236 01/22/74) 
9434 (13/6/63 
22934 (28/9/81) 
5833 (6/1/75) 
7120 Q/12/74) 
4534 (2/1/75) 
9030 (29/6/62) 
6039 (6/7 


E2ZT 55S i EZH1 


I 


fm 






m 


however, jumped 31 to 170p, 
after lBOp, in response to the 
doubled dividend and bumper 
profits. The announcement that 
the Swiss-based Bank Heusser 
now holds a 13 per cent stake in 
the company excited Avon 
Robber which rose 7 to 86p. whfle 
investment buying lifted auc- 
tioneers Christies International 

14 <te 146p. U.S. bid speculation 
helped Sothebys to rise a further 

15 to 320p. Dealings in Esper- 
anza -were resumed around 1 pm 
at 142p, compared with the sus- 
pended level of 127tp, following 
details of the merger wUh Trans- 
continental Services Group.of the 
Netherlands, -while Hollis Bros 
and ESA returned to the market 
after details of the rescue bid 
from Mr Robert Maxwell’s Per- 
gamon Press; the close was 10 p 
compared with the sn pension 
price of 6p. Spencer Gears held 
at ISp; the price in yesterdays 
issue was incorrect. 

Pbotax (London) dropped 18 
to a low for the year of 4Sp fol- 
lowing the surprise announce- 
ment of a baiT-year loss and divi- 
dend omission. 

Provincial Newspaper issues 
moved against the general trend, 
Bristol Evening Post rising 8 to 
240p and Home Counties 3 to 
60p. Liverpool Daily Post also 
firmed 3, to 148p, as did Ports- 
mouth and Sunderland, to 145p. 
In the Paper/Printing sector, 
Encalayptns, still depressed by 
the nrore-tban-tiaived interim pro- 
fits lost 17 more for a fall on 
the week of 42 to 186p. 

Firmer on Monday and Tues- 
day on asset value and yield con- 
siderations. Properties met per- 
sistent selling at the enhanced 
levels which wiped out the recent 
gains to leave quotations virtu- 
ally unchanged on the week. The 
leaders bore the brunt yest erda y. 
Land Securities, 280p. and MEPC, 
lSGp, losing 13 afpiece. Great 
Portland Estates came on offer 
and shed 12 to 128p and Stock 
Conversion gave up 16 fo 277p. 
Slough Estates, dull on Thurs- 
day. came under further pressure 
and shed 6 for a two-day fall of 
10 to SOp, while British Land 
and Peachey shed 4 apiece to 81p 
and 38p respectively. The FT- 
Actuaries Property share Index 
dropped to 410.38, still slightly 
better on the week but 5| per 
cent down from Tuesday's 434.50. 
Against the trend, R. Green Pro- 
perties put on 3 ro 80p; C. H. 
Beazer has built up a 527 per 
cent stake in the company. 


Oils steady 


Oils rarely strayed far from 
overnight closing levels, but 
British Petroleum managed a 
gain of 6 at 340p among the 
leaders. Shell, in contrast fluctu- 
ated within narrow limits be- 
fore settling without alternation 
at 440p. Elsewhere, dealings 
were temporarily suspended in 
Double Eagle and Warrior Re- 
sources at 30p and 32p respect- 
ively. 

In Overseas Traders, Bon stead 
rose 9 to 54p, after 57p, on 
revived speculative interest 

Money brokers rounded off a 
good week with further modest 
improvements. B. P. Martin im- 
proving 5 to 370p and Mercantile 


RISES AND FALLS ON THE WEEK 


British Funds 

Cmpm. Dorn. St Foreign Bonds 

Industrials 

Financial & Praps .-. 

OIIb 

Plantations 

Minas 

Others 


fltsea Fails Sams • Rims Falls Sams 
B 52 38 213 133 127 

4 26 47 83 42 2S7 

218 265 846 1,583 9914^58 

97 128 292 935 394 1.255 

18 28 55 138 122 293 

4 — 19 23 9 86 

21 58 68 210 191 334 

32 8 O 4 63 297 197 270 


Totals 397 916 -1,438 M84 2,077 M80 


RECENT ISSUES 


EQUITIES 



House dosing similarly dearer 
at SSOp. Elsewhere in Financials, 
AltKen Home were good again 
at 250p. up 13, but occasional 
profit-taking left ' Akroyd and 
Smithers 3 cheaper at 320p. 

Tobaccos trended easier in 
quiet trading. Bats reacting 8 to 
630p and Imps closing a couple 
of pence lower at llSp. 

Interest in Textiles was at a 
low ebb and movements were res- 
tricted to a few pence either 
way. 

Plantations were featured by 
a rise of 5 to 58p In Bartow Hold- 
ings in response to an invest- 
ment recommendation. 

Golds easier 

Mining markets ended the 
week on a quiet note. The lack 
of progress by the bullion price, 
finally slightly harder at $429.5 
an ounce, led to modest profit- 
t faring despite the generally good 
quarterly profits announced dur- 
ing the week and the- better- 
fiban-expected 'dividends from ihe 

Anglo-American group Orange 
Free State mines published yes- 
terday. 

The Gold Mines index fell 3.6 
to 418.7, thereby reducing the 
gain on -the five-day period to 
3.3. 

Heavyweights were featured 
by Randfontefn, which lost a 
full point to £50|, While falls of 
around 4 were common to Harte- 
beest, £35, Soutbvaal, £23 J, Vaal 
Reefs, £47) and St Helena, £21i. 

Marginals provided two out- 
standing performances, Wit 
Nigel advancing 12 to 115p fol- 
lowing the more than doubled 
profits in the September quarter, 
and East Daggafontein rising 5 
to a year's high of 141p foBow- 
ing the .proposed one-fortivo 
rights issue at Rl-25 a share to 
raise R3-2m. 

South African Financials mir- 
rored the trend in Golds. Profit- 
taking left Anglo-American Cor- 
poration 10 cheaper at 755p,*UC 
Investments 20 lower at 820p 
and De Beers 4 off at 332p. 

Transvaal Consolidated Land 
moved against the general trend 
and improved 4 to £23; half-year 
results are expected next Thurs- 
day. 

Tins were firmer, where 
changed, reflecting good gains in 
Kuala Lumpur and Singapore. 
Gopeng Consolidated rose 10 to 
300p on consideration of the in- 
terim 'dividend, while Geevor 
edged up 2 to SOp following per- 
sistent interest in a thdn market. 

Australians remained ex- 
tremely nervous and uncertain 
amid growing expectations of a 
forthcoming Federal Election. 

In the leaders, Western Mining 
retreated 11 to ISBd. MM Hold- 
ing 9 to 196p and CRA 6 to 206p. 

An eventful week in the 
Traded Options market-dealings 
reached a record level of 5,376 
contracts on Wednesday— ended 
with 2.825 deals done yesterday, 
comprising 2,356 calls and 469 
puts. The two major oil com- 
panies claimed most of the in- 
terest with BP recording 846 
calls — 302 in the October 330 and 
293 in the January 330 series, 
while Shell saw 349 call contracts 
arranged. 160 of those in the 
April 480 series. 








Hish'-i Law 




1 TTw 1 





LEADERS AND LAGGARDS 

Percentage changes since December 31 1981 based m 
Thursday, October 21 1982 


Health and H'sehold Product* 

Tobaccos I,..— 

Browers and Distillers .... 

Stores J...: 

Food RattHing' 

Columnar Group ' 

Ba Ctrl oato — . 

Insurance Brokers — 

Gold Minos Index — 

Insurance (Life) . — 

Industrial Group ....... 

Contracting. Construction 

Discount Houses 

500-shsro Index — 

BuHdhig Materials — 

Food Manufacturing 

Capital Goods ...... 

Othsr Consumer 

All-sharp. index 

Investment Trust*; ; 

-Chemicals 


Other Groups 
Insurance (Composite) .... 
Newspapers. Publlshina — 

Packaging and Paper 

Textiles .' — .... 

Financial Group 

Leisure 

OHs : ..... 

Mechanical Engineering .... 
Shipping and Trartaport .... 

Banks 

Other Industrial Materials . 
Engineering ContracUra .... 

Milting Finance 

Merchant Banks 

Overseas - 

Property 

Metals and Metal Forming 

Office Equipment 

Motors 


+19.17 

+17.02 

+1S.2S 

+13J3 

+12.90 

+ 7.51 
+ 5^0 I 
+ 5.75 , 
+ 4.33 

+ 3.G5 . 

- 0.5G • 

- 1.14 

- 2J22 

- 3.21 

- 3.78 

- 5 .04 

- 8.05 
-1038 4 
-13.73 
-rlS.62 . 


OPTIONS 


Deal- Deal- Declara- Settle- 
lugs - ings tion ment 
Oct U Oct 22 -SaiLT3 Jan 24 
Oct 25 Nov 5 Jan 27 Feb 7 
Nov 8 Nov 19 Feb 17 Feb 28 


For . JfewaU, First Castle* Stewart 
Settle- Nairn, Mettoy, FofaeL Chloride, 
ment ' Bio-Iosolates, GEC, London and 
Jan 24 Liverpool Trust, Boostead, 
Feb 7 Ramar, New llirogm orton 
Feb 28 Warrants and Hong Kong Land. 


For rate indications see end of Wimpey and Saga Holdings 


Share Information Service 
Money was given for the call 


were dealt in for the pot, while 
double options were arranged 


of J.. Hepworth, , Turner and - in Mettoy, GKN and RTZ. 


NEW HIGHS AND LOWS TOR 1982 

NEW HIGHS (109) . ■. „ papir js ^ 


BRITISH 'FUNDS (41 ' 

Fdp. SlrpC ■’87-91 . Gas 3 PC '90-95 
Ptfp- 5 PC 1903 Cow. 3>jpc ‘41 ML 
AMERICANS 0V 

Abbott Labi. ■ Saul. (B. P.) - - 

Amer. Expran Time Inc. 

Citicorp TramA mortal . 

Eaton Corp.. Union CarbM» 

Glllatbt ■ ■ 

CANADIANS (S 
Im portal Oft Rfo Aloom 

BANKS (2) . 

Mareury Sect. ' Ml niter Assets 
BEERS <Z> 

Brown (MJ . Groenc Kins 

BUILD INGS m 

Mapnet S Soatharna 
Can- (JolnP Trails S> ArneM 

French Kier ... Trent HldpK 
McCarthy A Stone 

, CHEMICALS/ 1) -. 

PIWB '. . ' . 

STORES <V) ■ . 

Brown (N.l - Polhr Pedr 

Currys "■ • Ramar. Textile . 

Dixons Photo. 1 . Read (Austin A 
Home Charm 

ELECTRICALS (71 
A & G. Sec. Beet. Philips Lamps 
Motorola ' Tehfasiaa 

Paetrol . ' Do. A N-V 

Perfcln-Eimer 4 pc 

ENGINEERING (Si 
Bailey 1C. H4 Ley’s Koumfrlai 

Bo i low h wagon Md. 

Drake. A Scull ■ 

POODS. CQ 

Batlevs of Yorkshire Fitch Lovell 
iNouamuALS'-<i3r- ■ 
Gonthwimri Grow Parker- Kno« 

Cone Allman Pitney Bowes Ln. 

G J««s Grono , Rleartto - ... . 

Hanson Treat - Sandhurst . Marfcattag 

Jackson Boom* End Scapa Group . 

Lon. Prt». Health Stocklake -. 
Monsanto ' 

INSURANCE Cl). 

Britannic _ „ 

LEISURE (1) 

Samuelwn > 

MOTORS (3) • ’ - * 

■AiHnaton. ’ 

NEWSPAPERS 12) ■ 

Link' House ' Portsmouth Sun'land 


’ PAPER LSI 

British priotina Good Relations 
Bund 

PROPERTY ttl 
Bairstow Eves . 

SHIPPING .<«> 

BrH. & Com 'wealth 

■ SHOES <11 
Footwear tors. 

TEXTILES m 

Stroud Rlkry 

TRUSTS cm 

Alllanca Im. RoUncn N-V 

A Manta Balt Rorento N-V 

Bankers Inv. Scot. Nor th ern 

British Inv. SPLIT Inc. . 

CUrertuwBse TR Nat Resonrcta 

Derby Tniit Inc. TefflOie Bar 

Duahicst Inc. : Trfljune tor. ■ 

Ena. & N.Y. Trust Tripieran Cap. 

Fleming American ' ' West Coast A Teacaa 
Felcrom Yeoman 

M. A G. Dual Inc AHkoo Hume . 


Do. 2nd Dual toe Mere. Trans. Trait 
Murray Gtandevwv Park Place Inv. 
Robeco CBr.) 

.. OILS trt 

BJ*. SASH. 

Ranger OH 

PLANTATIONS <11 
Assam Dooars ■ 

MINES <M 

East Oagga. Anglo. Amer. Gold 

Ebbing ■ Middle Wit. 

NEW LOWS (18) 

. BUILDINGS. CD 

Madden 

ENG1NBRING <*) 
Brotherhood fiPJ seayetor (nda. 

Pratt IF.l _ TccaJemlt 

. INDUSTRIALS (61 
Barrow Mopbara Foaeco Ml map 

Bogod-Petopah A HutcMaon Whampoa 

Cane lads. . Royal Worcester 

LEISURE m 

Pbotax (Lon.) 

PAPER CO • 

Eucalyptus 

PROPERTY (4) 

H.K. Land McKay Secs. 

Land I nr. Swire Props. 

.OVERSEAS TRADERS (1> 

Amt Anri cultural 


THURSDAY’S ACTIVE STOCKS 

, Baaed on bargains recorded in SE Official List 


-No. of Thure. Day'a SiUti 

Stock changes close change Stock chanq 

PI essay - Z3. 803 -14 Midland Bank... U 

Racal Elec, 22 570. . — '5 Nlmsk) IrrL 14 

GEC . 15 1 ' £12 '+ OS BICC 13 

Marfca A Sprier. .18 212 — 1 -.Glaxo 13 

BAT Indoatriea 14 639 ' . - 1 GUS "A" 13 

Beech a m ...... 14 375 ' — Royal Inace. ... 13 

Low (Wm.) .:. 14 20B +22 BP 12 


Marts A Spncr. . 16 
BAT Indnatriea 14' 
Beech a in ...... 14 


Low (Wm.) .:. 14 


Glaxo 13 

GUS "A" 13 

Royal Inace. ... 13 

BP - 12 


Hide, or Thure. - Day's 
change* close change 
14 . 322 — 

14 235 +42 

13 333 -2 

13 £10V — 

13 590 +2 

13 480 — 

12 334 + 4 


LAcrrra stocks 

Above avenge activity wee noted In tha fallowing stocks yesterday 


Stock 

Beeeham 

British .Aerospace 

Fabat International ... 
Footwear In vast mama . 
Great Portland 


Closing Day's 
price -chan go 
383 -12 

221 -18 
• 66*,. - 24 
.. 99 + S 

.128 +2 


Stock 

Land Securities .. 

MEPC 

Racal Electronics 

STC New 

Stock Conversion 


Closing Day's 
price change 
280 -13 

180. -13 

582 - 8 

595 — 

277 -18 


fizSE cm Em ca tga srm trjn ie m sm i iry 


FIXED INTEREST STOCKS 



— 127425 
3.11 1 285^3 
319JA 
337.60 
.18144 

1230 

'1S0J1 
425.49 

18424 


,34583 34323 
14.46 ] 22827 22723. 
9.94 383.40 37854 


38&22J 384J2 f 






£253 tijfT t:Wr* p V/ii'.v.-ii 


M 



26566 

234.45 

38227 


38200 1 28119 1 


468-36 (U/3) 
189^5 cam 


345^3 mm 

24L76 (3ffl 
43859 (11/23 


38682 cam 


HFiJl 



FIXED INTEREST 


FM Dor's Thun xd afi. ni aft , 

Oct change Oct today 1982 1 

22 % 21 Is date 2 

3 



Thun | Year 
Oct 
21 


4-105 12016 

13455 -012 13434 

14337 -932 14U2 

35274 +4U 15257 

13236 -927 13289 


105.95 | -913 


S MU. 


821 

828 

UN 

932 

948 

M43 | 

9.71 

Ml 

1441 . 

1040 

1937 

1963 

10.44 

in as 

3636 

in in 

3906 

3976 

U3Z 

1929 

1648 

1968 


1952 

2D27 

■Tj 

1997 

MS 

9 JO 

3420 

XL36 

1135 

1997 

1138 

1156 

3993 

1149 

1168 

3990 



5-DAY ACTIVE STOCKS 


38682 09/1092)1 6L92 Q3/12/74) 


Stock 

Plssaey .... — 
R»cil -Etoc. 
Mercantile Hu 

I Cl 

Barclays Bank 
Midland Bento; 
Baactiam — 


Based on bargains over tha Eve-day period ending Thursday 

'J'' Change -Chang# 

No, of Thura. . on No. ol Thun. on 

Changes rtoae -week Stock changu does week 

...... 80 603 . —22 .GEC .1. 88 PI 2 — OL 

• B0 ' 570 , - 3 BP 66 334 +ib 

Hu. 73 575 +J75 FhiWui Bank . B5 478 +4fi 

...... • 71 32) ’ +12 ' -Stnd. Tel. 8c C. 64 5S3" — g 

nk . 70 . . 412 ... .+34 Glaxo S3 ClOi — «_■ . 

I to.;. 70 322. +32 BICC 59 +5 

68 375 —20 Polly Peck 59 805 +65 


“RIGHTS” OFFERS 


16.41 (12/1) 
1619 (50) 
1536 (120) 
36JD (80) 
1528 (50) 
1516 020} 


LAtest 

Remmc. 





Equity section or group 

Other Indaetrtal Mat er ials 

Other Consumer 

Hcattfa/ Hcue hold Prods. 

O th er Gro ups ..... — — • 

Oversen Traders 

El i g ioee ri ng Contract or s 

Me the torsi Engtoeering 

Offte equHanewt — 

Industrial Grot* 


mz 


U96 mm 


Base tbte Base value 
31/32/80 287X0. 

31/12/BO Z38J4 

30/12/77 261.77 

31/12/74 63.75 

31/12/74 IOOLOO 

31/12/71 153B4 

31/12/71 15384 

16/1/70 16224 

31/12/70 32820 


Equity section or grow Bast date Base value 

Other FlimM.- 31/12/70 12&06 

Fbod Manufacturing — 2902/67 U4J3 

Ftood Retailing 2902/67 124JL3 

hnsuraece Brokers- 29/12/67 96 j67 

Mlalno FTnugo 29/12/67 10(200 

AUOlher 10/4/62 3O0U0O - 

British Govern m e nt — 31/12/75 10QJ» 

Deha. ft Lnam - - 31/12/77 inn OB 

P re fe rana 31/12/57 7622 


t Flat yield. A Ibt to the COftsUtnerts bavaliabie from the Piddishcrs, Th# Financial Tines, Bracken Horae, Canon Street, London; EC4, price 15ft, by past 2Bp. 
NAME CHANGE: Burt o nwood Brewery (Fantaws) Is now F crshaws Burtcmroad Brewery (Gnu 22} 


Ran until don data usually lut day for dusllng frsa of ramp duty, b FJgucn 
baaed on prospectus estimate, d Dividend rate paid or payable on pan to 
capital: caver based an dividend an fuK capital, p Assumed dividend rad yield. 
t Indicated dividend: cover reieras to previous dividend. P/E ratio baaed on latest 
annual earnings, u Forecast dividend: cover baaed on previous year's earnings. 
F Dividends and yield baaed an prospectus or other official estimates tor 1SB3. 
Q Gross. T Bguras assumed. * Flguroe or report awaited; t Cover aKowi for 
conversion or shams not now ranking for dividend or ranking only for restricted 
dividend*. I Piecing price, p Pence untaea otherwise huMcued. f leaned by 
tender. H Offered to holders of ordinery shares ae a "rights." ** Issued by way 
of capitaHution. £5 Reintroduced. TI leeued in connection with reorganieetioa 
merger or wko-ov«r. |B Introduction. □ laeuad to fonnar. preference hotdera. 
■ AUotmrat lattars (or fully-paid). • Provisional or party-paid ailoonent toctare. 
dr with Wimmt. rt Dealings under apeeiai Rule. % Unheted Securttlu 
Market, it London Usung. * Effective issue price after -scrip, t Formerly 
dextt to under Rule 163(2) {»). it Unit comprising five onfipMy kttri Nine- 
Cap. shares, w Issued Free as an entitlement to ordinary htidera. 



is uo Kit'd. \m\>v 
1 ' ht'li) him ami his d^[)i'm!;ini 


T ^AR^ BptEVDLEm^FD^ 
























































































































































































































































































































WEST END OFFICES 

Inptou&Sras 

01-4338222 



Saturday October 23 1982 


LetSbtttotadX&l 
factory or warehouse mi 
Industrial Parte :a*T 
Basingstoke,^ 


, For fuH dctuSa-- ^ 

la^wlgiiLircO^-asym Ph— MM 


HAHBiTHENEWS 


A stitch 
in time 

saves . . 

BY RHYS DAVID 


A DOZEN years ago a-t -the 
' start of a take-over trail that 
has this week led him Into a 
- merger with one of Britain’s 
biggest and best-known textile 
■ groups, Carrington Viyella, 
Davoud Alliance was being 
„ described as possibly the most 
exciting farce to appear for 
some time in Lancashire tex- 
tiles. 

-• Today at 50, Alliance — an 
>" Iranian Jew who came to 
i ■ Britain 32 years ago to buy 
cloth and decided to stay — 
has ah even harder tag to 
live down. "With a record of 
success behind him at house- 
! hold textiles group, Vantona, 

• he is now regarded as the man 
who might just be the saviour 
■ of a major chunk of Britain’s 
textile industry, possibly help- 
. -Ing to end a period of decline 





Davond Alliance 

that has gone on for most of 
this century. 

In a complex management 
structure that will oversee the 
new Vantona-Viyella combine 
Davoud Alliance — David to 
his friends — will be chief 
executive with Vantona’s chair- 
man. Sir James Spooner, 
taking on the chairmanship 
and Mr BiU Fieldhouse, CVs 
chairman, staying on as execu- 
tive deputy chairman. It is 
unlikely however to be long 
before Alliance emerges as the 
key figure, in much the same 
way as he emerged from the 
troika of managing directors 
which assumed initial control 
when he merged his Spirella 
group with Vantona in 1975. 

Beneath an outwardly dlffi 
dent exterior. Alliance is a man 
of warmth and concern, whose 
success in Vantona has owed a 
good deal to the relations he has 
built with the unions. In all 
his dealings he has made it a 
habit of taking union leaders 
into his confidence and officials 
are consequently not reluctant 
to visit him at his small but 
elegantly furnished head- 
ouarters over, the Bank of 
England's Manchester regional 
office to discuss problems. 

A man who left school at 13 
and who has not had formal 
training in disciplines such as 
marketing or finance, Alliance 
shows many of the instincts of a 
natural trader. He will, for 
example, press samples of cloth 
into the hands or visitors to 
demonstrate a point about Van- 
tona products. 

He has, nevertheless, pursued 
broadly the same management 
philosophy for the whole of his 
career in Lancashire, with the 
emphasis heavily on decentral- 
isation. Each unit is its own 
profit centre, able to draw on 
the advice of the very small 
head office team, but never able 
to hide behind it. Every subsi- 
diary managing director knows 
he is only on the end of a 
telephone line. To demonstrate 
a point Alliance will lift UP the 
phone and ask the man in 
charge for figures on production, 
sales, or whatever. 

Decentralisation is his great 
guiding philosophy. "I am try- 
ing all the time to encourage 
people to be independent and 
creative," he says. “It is this 
which has enabled us to do so 
well at Vantona when the rest 
of Lancashire has been in such 
trouble.’' 

Outside Vantona. Alliance's 
main interests apart from his 
family— he has two grown-up 
children — are Jewish charities. 
(A strong supporter of the 
Shah, be was at one time active 
in Anglo-Iranian circles, and 
set up a deal under which Van- 
tona was to supply expertise to. 
the Iranian textile industry). 
He remains an essentially pri- 
vate man, however, with a dis- 
creet personal life style, with 
collecting antiques and works 
of art one of his forms of reijx- 
atlan. In his Manchester office 
•there are Lowry* on the walls. 
He must have been pleased to 
find Bill Fieldhouse’s London 
office also had a Lowry,- ■ - 


MacGregor looks to Government for suh or t 


BSC set to seek more cash 


BY OUR INDUSTRIAL STAFF 

MR IAN MACGREGOR, British 
Steel chairman, hinted yester- 
day that he planned to ask the 
Government to boost invest-" 
meat in the corporation beyond 
the £365 m external financing 
limit agreed for 1982-S3 and to 
back further plant closures in 
order to stem BSC’s mounting 
losses. 

His remarks came after Mr 
Patrick Jenkin, the Industry 
Secretary, told the Commons he 
had asked Mr MacGegor to 
produce a detailed list of 
options for dealing with BSC 
losses, running at £7 Jim a week; 
and as most of the corporation’s 
94,000 employees staged a day- 
long strike in protest at possible 
plant closures. 

Mr MacGregor said in Scar- 
borough that the -revised BSC 
corporate plan would show that 
demand was “sharply lower” 
than what had been expected at 
this time of the year. 

He said the number of 
corporation customers had 
“ declined rather dramatically " 
by about 25 per cent from the 


levels of last winter, and that 
orders had fallen by 25-35 per 
cent in the last few months. . 

When asked whether the cor- 
porate plan would seek further 
capital or propose short-term 
savings through closures, Mr 
MacGregor replied: “We have 
to do both.'' 

That the plan would contain 
proposals for plant closures was 
confirmed when he said: “All 
our plants are vulnerable if 
we can’t find customers. 1 have 
spent the last two or three 
years trying to keep them open. 
Why should I reverse that? But 
if we don’t get customers I will 
have to close one or all of 
them." 

Earlier, Mr Jenkin had told 
MPs that no closure would 
take place without the approval 
of the Government. He said Mr 
MacGregor bad told hVm that 
the corporation could not meet 
its financial target of breaking 
even, this year and its prospects 
of doing so over the following 
two years had got much worse. 


.®^ c ®jised corporate plan, BSC, which has determinedly 
“laeGregor .has . said tried to remain within the 
thtc by t* 1 e of financing limits, and did so in 

probably re- 1980-81 and 1931-82. 
baiiine of th cl °sure or . *aoth-„ in the corporation's annual 
in S avenscraig plant report for 1981-52, BSC warned 
itertrin^rnd J i the tta?lsferof - ^ a lack o£ market stabili^- 

m ^ ht ren ? er the 

Wales. Both Pla^Sd SS? ^ owanre ^adequate. . 
cope with curretU A further option might be to 
It has also ask the Government to take 

that BSC- is'stuto- hSi5£r actioa under A* twnn* of the 
a £40m refurbis’ ent uro- 1981 111011 11113 Steel . Act 
gramme for the strirteei allow Mr Jenkin to'.write 

at Port Talbot, whnvT off up to £lbn of the corpora- 
oh short-hue working. t, e bs c ■ tion’s long-tegto debt. 1 

The Government- feces a very 

difficult political test over what 
Mr Jenkin admitted yesterday 
was a crisis in the British steel 
industry. 

There have been veiled warn- 
ings from Mr George Younger, 
the Scottish Secretary, "that he 
Mr MacGregor is also like and some of his junior ministers 
to request access to the £115l will consider resigning if the 
contingency reserve contains uKa venseraig plant is dosed, 
in the external financing Mixed response to steel strike 
and possibly more. This would ^r. Jenldll admits anxiety 
be a major policy departure for over 3 


chairman may also d.-^ e to 
close the remaining bl* f ur _ 
nace at Redcar on Tt^ de 
This could be a problem,^ 
ever, as iron for the n-j-y 
Lackenby mill would hav^ 
be transported from <K r 
plants. 


Yugoslavia devalues dinar fr 20% 


BY DAVID BUCHAN AND ALEXANDAR UEBL IN BELGRAVIA 


YU GLOSLA VIA yesterday 

devalued its currency, the dinar, 
by- 20 per cent, hr a move to 
boost flagging exports to the 
west and to curb imports. The 
Government bopes the move will 
help it to maintain regular pay- 
ments on its ?18m (£16.6bn) 
foreign debt. 

Only a sharp devaluation 
could make Yugoslav exports 
competitive again, Mr Borislav 
Srbric, a vice-premier, said 
yesterday. 

The system of “ creeping 
depreciation,” which has 
lowered the dinar's value this 
year by 18 per cent against a 
basket of major western cur- 
rencies, has been too slow to 
neutralise the margin of high 
Yugoslav inflation over world 
levels. 

The devaluation seems 
designed to impress on the 
public and on foreign bankers 
the Government’s intention to 


pull the country out of its 
economic crisis. 

' The ' Yugoslav " public " "is 
already reeling under the impact 
of petrol rationing and foreign 
travel restrictions introduced 
last week. 

Mr Zvone Dragan. another 
vice-premier, said the effects 
of devaluation on exports 
should last well into next year. 
The dinar was devalued at a 
strike by 30 per cent in June 
1980, but its effect evaporated 
quickly because of higher 
domestic inflation. However, 
with another sharp devaluation 
already in mind, the govern- 
ment imposed a price freeze on 
August 1 this year to prevent 
this happening again. 

Mr Srbric said the price 
freeze had been a pre-condition 
for yesterday's devaluation of 
the dinar to a rate of 63.58 
dinars to one U.S. dollar. But 
Mr Dragan said the latest 


devaluation would inevitably 
raise some import costs, parti- 
cularly for oil. The latest 
devaluation would push retail 
prices up an extra five per 
centage points in spite of cur- 
rent controls. This would bring 
the total increase in retail 
prices by the end of this year 
to 34 per cent above the 
December level last year. 

Ministers are confident that 
their measures over the past 2$ 
months on energy-saving, export 
stimulation sand squeezing dom- 
estic demand, will be approved 
by the International Monetary 
Fund. Yugoslavia is due to get 
early next year S700m 
(£412.37m) from the IMF. the 
third and last tranche of its 
stand-by loan from the Fund. 

Ministers expect western 
bankers to welcome the mea- 
sures. They have generally 
proved reluctant this year to 
lend to Yugoslavia. Yugoslavia’s 


foreign ^ ^ $i7.9bn at the 
*gust It has to pay 
54.7011 lnTtgresj principal 
repaymen ^ year< 

Arth !?* adl « adds. One of 
the most Wdiaie impacts of 
the dinar dv aina finn be on 
tourism. Yiuiav hotel organi- 
sations wall focus oh the 
nnldaons of west German 
motorists wh drive to the 
Mediterranean year, 

choosing their caches, above 
all, on price, . 

■ ^ e ! sn “* about 40m 
nights in Yogosla ^ year, 
and 43 per cen t. \ny, total 
came from the Gen. n toartcet . 
The main other of 

custom were Austria,^ 
Netherlands and Brihjr ' ' 

UK visitors aocouuW ^ 
2.6ra nights, , but most i?these 
were in op-market hote[^jui e 
many of the German visito are 
low-spending campere 1T ,^ 
caravaners. 


Council in move to save 100 foundry jobs 


THE LEX COLUMN 


Equities wait 
a new fillip 



BY RAY MAUGHAN 

Leicestershire County Council 
has paid £325,000 to the 
receivers of a foundry in 
Lutterworth, near Rugby, of 
keep the plant going. About 
100 jobs could be saved by 
the move. 

Follsaln-Wycllffe Foundries 
went into receivership two 
months ago owing Barclays 
Bank and other creditors 
sums described by the 
accountancy firm Thornton 
Baker, the receiver and man- 
ager, as “hundreds of thou- 
sands of pounds.’ 

After trading on for seven 
weeks In the hope of finding 
a buyer for the business. 


Thornton Baker closed the 
plant on October li ** because 
no industrial purchaser came 
forward,” and sacked its 160 
employees. 

The company makes iron 
and steel alloy castings in 
specifications of up to a 
tonne which It mostly sells 
to the automotive industry. It 
is understood to have In- 
curred significant losses since 
ft was acquired from Clayton 
Dewandre, the power brake 
subsidiary of American 
Standard, by a private pro- 
perty company in March 
1980. 

The company has been run 


by Mr Andrew Rodger, a 
former management con- 
sultant. Be said yesterday 
that be had approached the 
county council, which has no 
overall political control, a 
fortnight ago in search of 
grants, rate rebates or any- 
thing else which would help 
to keep the business going. 

Be said he was astonished 
at the conndl’s response. Be 
felt the local authority had 
been mindful of the recent 
British Aerospace closure in 
Lutterworth which had cost 
1,200 jobs, and had therefore 
“moved like lightning " to 
set up the deal whereby It 


bought Foil sain Wycliffe’s 
plant, equipment and five acre 
site and leased it hack to the 
company. 

No rental details have been 
revealed but the council is 
retaining about half the site, 
to which it is hoping to attract 
new industrial tenants. 

Mr Rodger re-starts the 
business on Monday with a 
£200,000 order book an dhopes 
increased production will 
enable him to take on 100 
employees. He said Leicester- 
shire County Council’s Initia- 
tive had been M absolutely 
fantastic.” 

Approach to Leys sends 
shares up. Page 22 


The London equity market 
was starting to look a little 
jaded by yesterday evening. 
The impressive progress made 
early in the week, taking the 
FT Industrial Index to a new 
peak of 626.1 on Tuesday, 
proved unsustainable in the 
face of a flood of tempting new 
paper and a Wall Street market 
which proved hesitant while on 
the brink of new ground. 

This week’s heavily over- 
subscribed offers for sale 
have certainly underlined the 
market's current preference for 
secular growth stocks. A little- 
known company from Lancaster. 
Pennsylvania, can present itself 
for sale on a p/e in the high 
teens and generate such a wave 
of applications that serious 
shortages develop iix the London 
money markets. The cyclical 
recovery sectors have no such 
luck. 

But, in order to. make much 
advance on its current level, 
the market may need to gain, 
some confidence about - a 
recovery in industrial output 
There was some evidence this 
week that profits were being 
taken, on consumer stocks, which 
have performed very well over 
tiie past month, and reinvested 
in industrial companies. 

But the news from manufac- 
turing industry is still Weak and 
the persistent strength of sterl- 
ing is doing nothing to help ex- 
port prospects. One encouraging 
sign is that the public sector 
borrowing requirement is suffi- 
ciently under control for a good, 
deal of fiscal impetus to be pos- 
sible if the government wishes 
to stimulate domestic demand. 

Equity values are dearly still 
very sensitive to interest rates, 
on both sides of the Atlantic, 
but to judge from the dull per- 
formance of gilt t edged towards 
the end of the week, base rates 
of about 8} per cent by the end 
of the year have already been 
fully discounted. Even the 
Governor of the Bank of 
England’s hint that monetary 
targetry may become more 
flexible ‘ failed to elicit much 
response. From the point of 
view of the equity market the 
best news might be a modestly 
reflationary Financial Statement 
A November. But whatever 
% the Chancellor said this 
etk. he said nothing specific 
^ont that 

Ififcxed gilts .. 

T °\ Government Broker was. 
obviiiy an attentive : listepel 
“ 'Chancellor’s speech' on 
Thuxsay evening. Confirmation 


Index fell 3.5 to 619.4 


lat-Edgod 
VlaMWfc* 
Camus 
25 Years] 



Paris suggests Bonn nuclear role 


BY JAMES BUCHAN IN BONN 

FRANCE has suggested for the 
first time that it will involve 
Bonn in discussions of its 
nuclear deterrent, where this 
affects "West German security. 

Speaking yesterday in Bonn 
at the end of the first of what 
are to be regular summit meet- 
ings with Chancellor Helmut 
Kohl, President Francois Mitter- 
rand of France said this would 
be one step toward “an align- 
ment of defence doctrines to- 
wards a conception of common 
defence," as envisaged by the 
rFanco-German treaty of 1963. 

Foreign and Defence 
ministers of the two countries, 
who met for six hours for 
security discussions on Thurs- 
day, will form a regular com- 
mission at the Mammal , 
summits and will appoint sub- * 
groups to study specific issues. 


The ministers’ talks. M 
Mitterrand said, covered “essen- 
tially the modernisation of 
French forces at the tactical 
level — not necessarily belong- 
ing to the 1st French Army — 
and above all to consider 
problems of security specific to 
West Germany but related to 
France. These should be 
examined beforehand by France 
and Germany." 

The 1st French Army Is 
divided between south-western 
Germany and eastern France, 
where it has medium-range 
Pluton nuclear missiles, able to 
destroy hostile targets in West 
Germany. 

Bonn has long wanted to be 
consulted over the targets and 
operation of these missiles — 
particularly because they are 
soon to be partly displaced by 


the modern Hades system. These 
new missiles have a range of 
350 km and might in theory 
become an element in front- 
line defence against an invasion 

M Mitterrand's cautious re- 
marks amount to a formal break 
with the traditional French 
doctrine — in force since France 
left Nato’s military wing in 
196G— of complete French inde- 
pendence in nuclear planning. 

To a large extent his remarks 
cap a' development in French 
thinking, evident during M 
Valery Giscard d'Estaing’s presi- 
dency, away from the defence 
of French borders towards more 
extensive security perimeters. 

The President suggested as 
much when he said,, in discuss- 
ing new missile technology, 
"geography also determines our 
strategy.” 


Continued from Page 1 


International Signal 


director, endorsed this attitude. 

ITT is not fussed by the over- 
subscription. The offer for ale 
was exceedingly difficult to 
price," 

Although It was the second 
time this year that ITT had 
offered shares in STC, Mr New- 
man insisted a further sale was 
not contemplated. He said: ‘TIT 
is not nibbling away and wait- 
ing for the price to go higher 
before making another' sale." 

About five, hours after STC 
dealings started lit was an- 
nounced the offer for sale of 
21.3m shares in International 
Signal' & Control, at 155p per 
share, had attracted applications 
for 726m shares — about 34 
times the number of shares 
available. 

Mr John Crosland, of Robert 
Fleming, the merchant bank 
which brought ISC to the mar- 
ket, said yesterday: “ The 


company is very happy with the 
transaction. You must remember 
that the offer for sale was under- 
written a month ago. The 
market has mewed a long way 
since then. There has been a 
lot of exhilaration surrounding 
the STC offer." - 

ISC’s arrival on the London 
stock market is unusual in that 
in spite of its UB. origin it is 
not quoted on the New York 
Stock Exchange. It claims the 
U.S. Securities and Exchange 
Commission's regulations would 
force it to disclose sensitive 
information about its customers. 

A jobber dealing in electrical 
shares, Including those of STC, 
said yesterday when told of the 
ISC oversubscription: “That is 
marvellous news. When dealings 
in ISC start next "Wednesday 
it’s going to be a lot mwse hectic 
than it has been today. "Unlike 
STC, this is a stock with novelty 
value." 


Continued from Page 1 


Imports 


to have decided that retaliatory 
action should be taken. 

But they will stress that they 
are anxious not to appear to be 
starting a general trade war. 

Mr JenMn!s wish for firm 
action was demonstrated when 
he spoke at the Motor Show in 
Birmingham earlier in the week. 

He said that many people 
argued - tor retaliatory action 
against countries which ex- 
ploited., the UK’s commitment 
to free trade by exporting into 
Britain from their highly-pro- 
tected home markets. 

"We do not 'like such inequi- 
ties if they threaten the stability 
and equilibrium of open trading 
relations.' and we will take 
action,” he declared. 

Spanish car imports, mainly 
Ford Fiestas, account tor about 
4 per cent of car sales in the" 
THE. 


Weather 


UK TODAY 

SHOWERS with sunny intervals. 

England, Wales, SW Scotland 
Showers with sunny intervals; 
mainly dry later. Max. 13C 
(55F). 

NW Scotland, N. Ireland 
Showers with sunny intervals; 
rain later. Max. I1C (52F). 

Rest of Scotland 
Showers with sunny intervals. 
Max. 10C (50F). 

Outlook: Little change 


WORLDWIDE 


Ajaccio 

F 

midday 
Vdey 
■C -F 
21 TO 

L Angt 

F 

Y'day 
midday 
“C *F 
17 63 

Algiers 

c 

17 

63 

Uixmb9 Fb 

10 

50 

Amadm 

F 

17 

83 

Luxor 

S 

33 

-91 

Athens 

S 

23 

73 

Madrid 

c 

■ 18 

64 

Bahrain 

s 

31 

88 

Majorca 

F 

20 

68 

Barctna 

.c 

20 

68 

Matas* 

F 

22 

72 

Beirut 


— 

— 

Males 

Th 

IS 

66 

Belfast 

F 

9 

da 

M’chatr 

C 

9 

48 

BelBrd 

s 

18 

64 

Mslbns 


— ■ 

— 

Berlin 

8 

15 

691 

Mx C 


— 

— 

Biarritz 

R 

13 

55 1 

Mia ml t 

F 

22 

72 

Bmgbm 

C 

10 

60 

Milan 

R 

15 

69 

Blaclepl 

F 

10 

50 

Montrit 

C 

2 

36 

Bordx 

R 

13 

55 

Moscow 

C —3 

Z7 

Boulgn 

C 

11 

52 

Munieti 

S 

13 

55 

Bristol 

F 

11 

52 

Nairobi 


— 

— 

Brussels 

F 

79 

66 

Naples 

c 

20 

68 

Buctpat 

F 

18 

61 

Nassau 


— 

— 

Cairo 

F 

28 

78 

Nwcotl 

c 

8 

46 

Cardtff 

F 

12 

54 

N York. 


— ! 

— 

CflS'b’cs 


■ — 

— 

Nice 

c 

IB 

6< 

Caps T 

S 

28 

82 

Nicosia 

F 

25 

77 

driest 

F — 6 

21 

Oporto 

F 

15 

59 

Cologne 

S 

16 

61 

Oslo 

C 

S 

41 

Cpnhgn 

S 

13 

S5 

Paris 

Q 

16 

61 

Corfu 

F 

22 

72 

Perth 

S 

29 

64 

Oenverf 

F 

2 

36 

Prague 

c 

10 

50 

Dublin 

S 

11 

52 

Ryfcjvh 

c 

3 

37 

Dhrank 

s 

22 

72 

Rhodes 

s 

24 

75 

Ednbgh 

c 

10 

50 

Rio So 


— 

- — 

Faro 

s 

19 

66 

Rome 

c 

21 

70 

Florence 

c 

IB 

81 

Satsbrg 

s 

IB 

61 

Ftanlrft 

c 

13 

55 

S’coaco 


— — 

—* 

Funchal 

c 

19 

86 

S Mritz 


— 

— 

Geneva 

c 

10 

50 

Singepr 


— 

— — 

Glbrltr 

c 

IS 

to 

S'tiego 


— 


cr«s'w 

c 

9 

46 

SteVshm-’ 

F 

11 

52 

G'maoy 

c 

11- -52 

■Stresbg 

c 

11- 

.52 

Helsinki 

c 

8 

46 

Sydney 


— 


H Kong 

R 

23 

73 

Tangier 


— ■ 

**** 

innsbrt 

s 

18 

64 

Tel Aviv 

F 

25- 

77 

Wivraes 

F 

10 

so 

Tenerife. 

F 

2* 

75 

72 

36 

79 

■B 

-loMsn 

•F 

10. 50 

Tokyo „ 

S 

22 

Istanbul 

S 

19 

-8R 

rr-ntot 

c 

2 

Joreey 

c 

ID 

50 

Tunis 

8 

26 

Jo'hurg 

F 

17 

S3 

Valencia 

R 

17 

«1 
pfl . 

L Pirns 

F 

34 

75 

Van lee 

C 

18 

Lisbon 

R 

17 

63 

Vienna.. 

s _ 

16 


Locarno 

C 

1* 

57 

Wersew 

.s 



London 

R 

11 

52 Zurich- 

F 




R — Min. ft—Sunny. SI 
Sn — Sww. T— Thun., 
t Noon GMT tempBJ-atl 


.from on high that inflation is 
headed for 5 per cent has found 
a ready response in the issue 
of a new index-linked stock— 
£250m of 2$ per cent -003. 

This is hardly alarge amount 
and the absence of a minimum 
price on the tender should help 
the authorities to support the 
price of existing issues. But 
there is unlikely to be much 
applause from the pension and 
life funds which swallowed a 
£400m offering, whole earlier 
this week. ■ .- The index-linked 
market is still finding its feet 
and. although there is a natural 
demand among long-term funds 
for securities of this kind, super- 
abundant supply is the last 
thing to guarantee its accep- 
tance. 

The long maturity of these 
two stocks is not surprising, 
since conventional issues are 
being confined to shorter dates 
in order to leave room for 
corporate bonds. . But the 
Treasury may also have acknow- 
ledged that the appetite for 
indexed paper is less strong at 
the short end of the market- 
The yield on the 2 per cent 
stock of 1988, for example, has 
consistently held- above that of 
tile longer dates. 

This presumably reflects the 
belief that attractive real 
returns can be realised on other 
monetary assets over the next 
six years. The likely rate of 
inflation in 2009. on the other 
hand, is anyone's guess. But, 
even assuming an average, infla- 
tion rate as low as 4 per cent 
between now and 1988, the 
indexed stock is looking under- 
priced in relation to low coupon 
conventional issues. 

One severe constraint on the 


indexed market, particularly # 
the shorter end : where- them 
are more roughly comparably - 
instruments, has -been the pen 
ception of its dismal per-- 
Cormanee in relation to 
tial stocks. After its inklat 
spurt following the 1881 budget^ 
the market has" gone virtually 
nowhere. Bui since the cornea- 
tial market has now discounted 
the bulk of the fall in sterling ' 
interest rates, the : indexed 
stock may start to attract 
favour outside the charmed 
circle of lock-up investors. " 

Gninhess Beat 

WSth the demerger of the Lewis , 
and Feet commodity business, 
Guinness Peat is decisively 
abandoning the notion that com- 
modities fit naturally with mer- 
chant banking after an expen- 
sive ten-year experiment Lord 
Kissin, the.architect of the com- 
bined organisation, bas now 
delivered the coup de grace by 
bringing together the consor- 
tium which is putting up £fim to 
take Lewis and Feat out of the 
group. His U-turn will undoubt- 
edly reduce managerial conflicts - 
within the company, where the 
commodity men complavw l of 
lack of flexibility, and wil ilso 
bring in some welcome cash: bat 
the sole by no means takes n -uin- 
ness Feat out of the financial 
wood. 

The deal removes a big cash 
drain — commodities lost perhaps 
£8m in the year to Aprfr— while 
allowing Guinness Peat to par- 
ticipate in any upswing in com- 
modity trading through the 14.9 
per cent equity stake it retains 
in Lewis Peat. But the group is 
left with a very mixed bag of 
activities, ranging from mer- 
chant banking to insurance and 
aircraft broking, and it remains 
saddled with debt. Borrowings 
are still hovering around £65m,. 
even after stripping out about 
£20m with the Lewis and Feat 
sale, and book net worth, 
around £40m 18 months ago. will 
suffer from losses of more than 
£20m pre-tax for the year to 
April. 

Clearly Guinness Feat is • 
candidate for a capital recon- 
struction, and could probably 
make a better case for itseff now 
that it has apparently put the 
disasters, of the Chicago animal 
fats operation and the CaE* 
form an Performance Tire buri- 
ness behind it The stock market 
pushed the shares up 7p yester- 
day to 60p, where they are prob- 
ably trading on asignificant pre- 
mium over present net asets. 



Myth or Miracle? 


Many leading cammodifa and 
financial futures invesfcorshave 
achieved remarkable resuk by 
taking advantage of technical trading 
Systems which use the lafesim 
computer technology. Thejrtsearch 
department at InterCcmimodises 
limited has produced a report 
introducing tbe enormouspoteitial 


of these systems. 

The r^jort analyses the merits 
of some of the more successful* 
schemes currently available in 
Europe and summarises why this 
type of trading has attzacted such ; 
an enthusiastic following m the 
United States. 

To find out why, contact us today. 




Sgasssa&sssr'’ 

I 
I 


Name_ 

Address 


Telephone - Home: 


.Office: 


contents Ot tfii» rt owe paper 
*t Offic*. Printed • 

)n Straw. London " 


^5^t! a adraSts n *p t ^ wtpotmttnd whhoin prior ot 





(EL-4938222 


Saturday October 23 1982 


% i 

MacGregor looks to Government for si 


THE LEX COLUMN 


A stitch 
in time 
saves . . 

by RHYS DAVID 


set to seel more cash 


BY OUR INDUSTRIAL STAFF 

MR IAN MACGREGOR, British levels of last winter. a_ad_ that 
Steel chairman, hinted yester- orders had fallen by 25-35 per 
day that he planned to ask the cent in the last few months. 
Government to boost invest- .... , . ....... 

nient in the corporation beyond When asked whether the cor- 


levels of last winter, and that ssl prised corporate plan. BSC. which has determinedly 
orders had fallen by -»&> per wMch M.j ac G regor ^ ^ ^ remail j within the 

cent m the last few months. win be i ly by the end of financing limits, and did 50 in 

When Mted »-h.U.er the cor- . . , 




losses. 

His remarks came after Mr 


to do both.'* 

Tbat the plan would contain 


Patrick JenJdn, the Industry proposals for plant closures was 

Secretary, told the Commons he confirmed when he said: “All 

A DOZEN years ago at the had asked Mr MacGregor to our plants are vulnerable if 

start of a take-over trail that produce a detailed list of we can’t find customers. I have 

has this week led him into a options for dealing with BSC spent the last two or three 

Trenn>r ]osses - running at £7.2m a week; years trying to keep them open. 


baSS“of tb? Iosnre °- moth_ In the corporations annual - ' 

in Scifdamf ^ av ^ nscrai ?« plaiI i report for 1981-82, BSC warned • .. ' 

its -Jinn nrod i tl3e ; tr ?? sfe LR f • 0131 a lack of market stability " 

b,V and LlanJn 10 ^ 1 !™: “J8 ht render the contingency \ " ' . 

Wales. Both pla™ 2SS aUowance inadequate. ■. The London eqirity -market 

cope with cur.-er-i ei n~nd ^ A fur * er °Pti°n might be to was starting to look: a little 

It has also bt sueeested Government to take jaded by yesterday' evening, 

that BSC is studs, action under the terms of the The Impressive progress made 

a £40m refurblsfpnt nrn. 1981 Ir0Tl and Steel Act which early in the. week, taking the 


The London equity market . 


Index fell 3£ to 619.4 


ref orb is f 


- has this week led him into a 
\ merger with one of Britain’s 
?. biggest and best-known textile 
■ groups, Carrington Viyella. 

.Davoud Alliance was being 
./described as possibly -the most 


lams are vumeraoie w a «via pro- — “ , . . , rv* ; T — 

’t find customers. I have gramme for the sbdKMi -would allow Mj Jenkin to’write ST Industrial Index to a new 
the last two or three at Port Talbot, whk ^ now off up to flbn of the corpora- peak of 626.1 on. Tuesday, 


losses, running at £7.2m a week; years trying to keep them open, on short-ime working. bsq “on s loog-tetfn debt. . proved xmsustauiaoie in the 

and as most oF the corporation’s Why should I reverse that? But chairman may also d= de ^ -.The Government faces a' very face of a flood of t empti ng new 

94,000 employees staged a day- jf we don't get customers I will close the rem ainin g bl* fyj.. difficult "political test over what paper and a Wall Street market 

long strike in protest at possible have to close one or all of nace at Redcar on Tigjde. Mr Jenkin admitted > yesterday proved hesitant wnue on 


plant closures. them.” 

* . . Mr MacGregor said in Scar- Earlier. Mr Jenkin had told 

- exciting force to appear for borough that the revised BSC MFs that no closure would 
-‘some time in Lancashire tex- corporate plan would show that take place without the approval 

tiles. demand was “sharply lower” of the Government. He said Mr 

- ■ than what had been expected at MacGregor had told him that 

r Today at 50. Alliance — an this time of the year. the corporation could not meet 

( |ranian _.Tew who came ^ to He said the number of its financial target of breaking 

* ’ corporation customers had even this year and its prospects 


This could be a problem.^! was a crisis In the British steal the brink of new ground- 
ever. as iron for the ni£v industry. This weekV heavily 

_ ..m* i.i v “J mi - v i . ~ ' mm - ennc’ptnnAil nffflre ■ «%*• 


25Yoar»l 


Lackenby mill would hav to 
be transported from oL r 


There have been veiled warn- 
ings from Mr George Younger, 


This week’s heavily over- 
subscribed ' offers- .. fdr:.. sale 
have certainly underlined ‘ the 


r Today at 50. Alliance — an 
{’Iranian Jew who came to 
(^.Britain 32 years ago to buy 
! cloth and decided to stay — 


T8K6 place Wirnoilt xne approval t . ‘ *■ . iv* C? 1 mar ket Vs pnrr fiwt 'Ttrpf etiwp ii -for 

MacGregor 6 had^oltTh-’m^hat P ^MacGregor ia alao HXe growth^AlMe- 

“e^r^oraaon coid not meet to request access to Hie fllfowlll consider resigning if the ■ 


its financial target of breaking 
even this year and its prospects 


declined rather dramatically” of doing so over the following 


contingency reserve containeoRavenscraig plant is closed. 

in the external financing IhniL Mixed response to steel strike SteEd" / 1" H:\ I + U I -tX- vJf . *** toe to&rger <X tte • 

and possibly more. This would -all*. Jenkin .admits anxiety of applications that- serious.. I hjJ. * . * . . y. 1 ^ I and Peat commodity business, 

be a major policy departure for over steel. Page 3 * shortages develop in theLondon 1- * “ - -= - • • I Guiimess Beat is decisively 

s mon eymark e ts. The cyclical 1 w. ' .ab^toping the notion th^ rom- 

. recovery sectors have no- sudh ... * . " \ ' modsties fit nataraUy with mer- 

-» A . luck. -froin on^ ^ high that Inflation ts . chant banking after an expen- 

1ACI flmGI 1 hr fllU/L But, in order 'id mike: mudi hea4edfor;5per centhas.found; te^e^ experiment. Lord 

fi U S 1 1 di I IW LA V /n advance on its 4nnrent level, ' a ready response to the- mue Ktesin, the architect of the com- 

WUIM-1 . J*# Vr / . ■ the market may need to gain of a new Ihdex-Unked stock— bined orgamsation, has now 

some confidemie ; about ■ az. fiSOto of 2|'per ^ cent 2003. " ■: dettvered the^ ^ coup de grace by 

. - a. recovery in .todustrialoutout - 'This i^Jiard^ a^arge Maountbrin^ngtogettier the consor- 

, . , . .... . , - There was aomix. ■thin and thfe. absence of a TaThimum ' VUuiu which, is putting up £6m to 

devaluation _ would inevitably foreign -bt was $17.9bn at the -week that profits Were being price on the tender should help, tike Lewis and" Peat out of the 

raise some import costs, parti- endor /gust It has to pay taken on consumer stocks, which, the authorities- ^support lhe \ group. His U-turn wiRundmibt- 

cularly for oil. The latest *4.7 on in-rtprRRr and -nrim-innl ik,«> mht ,uii - Hut- , edlv reduce manapenal conflicts * 


•.has an even harder tag to by about 25 per cent from the two years had got much worse, be a major policy departure for 

live down. With a record of 

success behind him at house- 

ihold textiles group. Vantona, — r 7 _ # — -w m . . i 

3 *r£ 5 S?SS Yugoslavia devalues dinar bv 20 % 

■teKtile industry, possibly help- 

;-ing to end a period of decline by navm bucham amd aleyanimr if bl im selgmvu 


Pennsylvania, "can present itself ' 
for sale bn a.-p/e in the -high 
teens and generate such a wave 
of applications that- serious, 
shortages develop, in theLondon 
money markets. The cyclical 
recovery sectors have no such: 
luck. 


indexed market, particularly at 
--■tiie .shorter end where there 
■are more roughly comparable 
■ instruments, has been the per- 
ceptiab of - fts dismal per- 
formance in relation to eolrej^ 
tlal stocks After its initial 
“spurt following the 1981 budget, 
the market has gone virtually 
nowhere... But since the conven- 
- tial market has now discounted ( 
the bulk of the fall in sterling , 
interest rates, the indexed 
'stock • may. - start to attract 
‘ lavour outside the charmed 
circle "of lock-up investors. 

. Guinness Feat 


Z 1 






. BY DAVID BUCHAN AND ALEXANDAR L£BL IN BELGRAVIA 

YUGLOSLAVTA yesterday pull the country out of its 

devalued its currency, the dinar, economic crisis. 

by 20 per cent, in a move to " The Yugoslav ' public is 


by 20 per cent, in a move to ‘ The Yugoslav ' public is cularly for oil. The latest 
boost flagging exports to the already reeling under the impact devaluation would push retail 
west and to curb imports. The of petrol rationing and foreign prices up an extra five per 
Government hopes the move will travel restrictions introduced centage points in spite of cur- 
help it to maintain regular pay- last week. rent controls. This would bring 

ments on its §l8m (£16.6bn) Mr Zvone Drag an, another total increase retail 


ments on its $18m (£16.6bn) Mr Zvone Dragan, another 
foreign debt. vice-premier, said the effects 

Only a sharp devaluation of devaluation on exports 
could make Yugoslav exports should last well into next year, 
competitive again, Mr Borislav The dinar was devalued at a 


*4.7tm interest andTnindpal (have performed very well over pride of -esdsttog issues." But edly reduce managerial conflicts * 
repaymen this year. the past month, and ireiiivested ttete -is unlikely : 'ib be much , ; wathto the company, where the 

Arthur Indies adds. One of in industrial companies. appldnse from ^the^ ^pensioii ahd^..caanm«Mty -nien complain; 1 of 

the most bnedlate impacts of But the news. from -mamifac- funds which awpQ^ffOd. sl of fiexihikty, and wil also 

the omar dt^a^on be on turingtodustiy Is still "Weak and £40 (hn "offering '.whole earlier bring jn some welcome cash: but 
tourism. Y u^iav hotel organl- the persistent strength of steri- this week. t ; Tito todesinked the-saieby no means takes ^uan- 
sations "will focus oh the ingris dofer« nothing ^help ex- :’ market ^ ^ is" kfeOT finding ite toet: V*? 3 Peat out -of the financial 






Davoud Alliance 

that has gone on for most of 
this century. 

In a complex management 
structure that will oversee the 
new Vantona-Viyella combine 
Davoud Alliance — David to 
his friends — will be chief 
executive with Vantona ’s chair- 
man. Sir James Spooner, 
taking on the chairmanship 
and Mr Bill Fieldhouse, CV*s 
chairman, -staying on as execu- 
tive deputy chairman. It is 
unlikely however to be long 
before Alliance emerges as the 
key figure, in much the same 
way as ho emerged from the 
troika of managing directors 
which assumed initial control 
when he merged his Spirella 
group with Vantona in 1975. 

Beneath an outwardly diffi- 
dent exterior. Alliance is a man 
of warmth and concern, whose 
success in Vantona has owed a 
good deal to the relations he has 
built with the unions. In all 
his dealings he has made it a 
habit of taking uzaon leaders 
into his confidence and officials 
are consequently not reluctant 
to visit him at lus small but 
elegantly furnished head 
auarters over, the Bank of 
England’s Manchester regional 
office to discuss problems. 

A man who heft school at 13 


Srbric. a vice-premier, said _ _ _ _ 

yesterday. 1980. but its "effect evaporated months on energy-saving," export all, on price. ' d^l "rtf fiscal impetus to be*p6s^ 

The system of “creeping quickly because of higher stimulation and squeezing dom- Foreign ere spe-j&mt 40m stole if the government wishes 

depreciation,” which has domestic inflation. However, estic demand, will be approved nights in YugoslaT.j^t year to stimulate domestic demand, 
lowered the dinar’s value this with another sharp devaluation by the International Monetary and 43 per cen ti this totol Equity values are dearly stiH 
year by 18 per cent against a already in mind, the govern- Fund. Yugoslavia is due to get came from the Gem n market very sensitive to interest rates, 

basket of major western cui^ ment imposed a price freeze on early next year $700m The main other .Sh-ces - on bhth sides of the Atlantic, 

rencies. has been too slow to August 1 this year to prevent i£412.37m) from the IMF. the custom were Austria,^ the but to judge from the dull per- 

neutralise the margin of high this happening again. third and last tranche of its Netherlands and Brite^' fornsance of gilt tedged towards 

Yugoslav inflation over world Mr Srbric said the price stand-by loan from the Fund. UK viators acooutii the end of the week, base rates 


to 34 per cent above the 
December level last year. 
Ministers are confident that 


**** _ __ j -a.- — 7 — amv uuici ui^diu- i iw u^uwatcui aueuRqi m OLCir. Tmg : wi 

vicepreraier, said the effects pnees by the end of this year sations w»U f0CU5 0 h the inff is dodng nothtog to help ex- : market 


million of west ■ German 
motorists wtu brive to the 
Mediterranean each year; 


port prospects. One encouraging anC although there' is a natural 
sign is that the public sector demand among long-term funds 


strike by 30 per cent in June their measures over the past 2^ choosing their caches, above 


ahi' although- there' is^ ^ natural wood. 

demand among longterm funds The -deal removes a big cash 
for securities of .this kincL super- . dram-^commodlties lost perhaps 


1980. but its effect evaporated months on energy-saving, export 

of “creeping quickly because of higher stimulation and squeezing dom- 

which has domestic inflation. However, estic demand, will be approved 

iris value this with another sharp devaluation by the International Monetary 


borrowing requirement is snffi- : f or securities of .this kincL super- . drain— -commodiities lost perhaps 
denfly under contr ol tor a good abundant . supply -is the list £8m in the year to April— while 
deal of fiscal impetus tobepos- thing 'to. guarantee "its accep- allowing Guinness Peat to par- 


rencies. has been too slow to August 1 this year to prevent 
neutralise the margin of high this happening again. 


Yugoslav inflation over world Mr Srbric said the price 
levels. freeze had been a precondition 

The devaluation seems for yesterday’s devaluation of 

designed to impress nn the the dinar to a rate of 63.58 
public and on foreign bankers dinars to one U.S. dollar. But 
the Government's intention to Mr Dragan said the latest 


Foreigners spe 'about 4jjm rihle_ if the government wishes . tance, ; ' tidpate in any upswing in com- 

nigbts in Yugoslav year, to stimulate domestic demand. 'The tong maturity of these modity trading through the 14.9 
and 43 per cen t» this total Equity values are dearly stiH r^wo stocks is not surprising/ per cent equity stake it retains 
came from the Gen. n market very sensitive to interest rates, . '.conventional- issues are in Lewis Peat But the group is 

The main other wees of on both sides of the Atlantic, being confined to shorter dates' loft with a very mixed bag of 

custom were Austria^* but to judge, from the dull per- 0 rter to leave room - for activities, ranging from mer- 

Netheriands and Bn%- fonnance of gilt tedged towards comorate bonds. But the dtont baikSng to insurance and 

_ V* . aooouuq for the end the week, base rates' r rreasul? also have admow- ' aircraft hrokina and it remains 

2.6m nights, but most Lihese of about 81 per cent by the end ftur saddled .with debt Borrowings 


lend to Yugoslavia. Yugoslavia’s caravanens. 


England’s hint that monetary 


indexed i»aper is less strong at- ^ stdl Jtovenng.^arwmd 165m. 
the short end of the market -W* s^ippmg out about 
The yield -on ft* 1' per ,«nt ^ 
stockof I988. for mmple, has 


Council in move to save 100 foundry jobs 


twgetry may become more ' 5SJiS*^itaSS5*3 aroihid«0m 18 months *go f will 
flexible failed to elicit much . “ at ^ suffra: from, losses .of more than 


flexible failed to elidt much .■ 

response. From the point of tne longer, aates. ., £20m iw«tex for the year to 

v view of the equity market the This presumably reflects the AprflL 
best news might be a modestly belief that ^attractive' reel. Guinness Peat is x 

,\reflatidnary Ttnandal Statement returns can be reafised on other ^-^jj-w recon- 

■ a 5¥ lcel jE ■ ^J s years. The Dkdy; rate of make a bdita- case for itself now 

°e said no.thing. spedne inflation-. in 2009, on the. other, thgff-' ft has -apparently put the 
■ou that. hand; is anyone’s, guess.. .But, disasters of the Chicago animal 

\ eren. ass umin g nn average rnflo: -fitfs -Appratiqn^ and the Cali' 

Id^vf>ri oil*® '* ■ "tion rate as low as 4 per cent fbrnian Perfomance-Tire buri- 

S«w between now "and .1988; the^ 'n®s behind ^it The stodc market 

- , T » ^Government Broker .was indexed stock in looking under- pushed the shares up 7p yester- 
obsn,i^y an attentive- listepei priced In relation to tow coupon day to 60p, where they are prob- 
to ti :ChanceHoris speech 1 oh conventional issute. ". .-. . . ably.&ading on significant pre- 

Thuysay evening. .Confirmation ' ‘ .One severe' constraint oxi the mium. oyer present net asets. 


GY RAY MAUGHAN 

Leicestershire County Council 
has paid £325,000 to the 
receivers of a foundry in 
Lutterworth, near Rugby, of 
keep the plant going. About 
100 jobs could be saved by 
the move. 

Follsaln-'Wycllffe Foundries 
went into receivership two 
months ago owing Barclays 
Bank and other creditors 
sums described by the 
accountancy firm Thornton 
Baker, the receiver and man- 
ager, as “hundreds of thou- 
sands of pounds.’ 

After trading on for seven 
weeks In the hope of finding 
a buyer for the business. 


Thornton Baker dosed the 
plant on October 11 “ because 
no Industrial purchaser came 
forward,” and sacked its 160 
employees. 

The company makes iron 
and steel alloy castings in 
specifications of up to a 
tonne which it mostly sells 
to (he automotive industry. It 
is understood to have In- 
curred significant losses since 
it was acquired from Clayton 
Dewandre, the power brake 
subsidiary of American 
Standard, by a private pro- 
perty company in March 
1980. 

The company has been run 


by Mr Andrew Rodger, a 
former management con- 
sultant. He said yesterday 
that he had approached the 
county council, which has no 
overall political control, a 
fortnight ago in search of 
grants, rate rebates or any- 
thing else which would help 
to keep the business going. 

He said he was astonished 
at the council's response. He 
felt the local authority had. 
been mindful of the recent 
British Aerospace closure In 
Lutterworth which had cost 
1,200 jobs, and had therefore 
“moved like lightning” to 
set up the deal whereby it 


bought Follsain Wyeliffe’s 
plant, equipment and five acre 
site and leased it back to the 
company. 

No rental details have been 
revealed but the council to 
retaining about half the site, 
to which it is hoping to attract 
new industrial tenants. 

Mr Rodger restarts the • 
business on- Monday with a 
£200,000 order book an dhopes 
increased production will 
enable him to take on 100' 
employees. *He said Leicester- 
shire County Council’s Initia- 
tive had been ’’absolutely 
fantastic.” 

Approach to Leys sends 
shares up. Page 22 


t%sed gilts 


la* r-s--\ 




' -v; -.V 3 


Paris suggests Bonn nuclear role 


Weather 


BY ]AME 5 BUCHAN IN BONN 

FRANCE has suggested for the 


UK TODAY 

SHOWERS with sunny intervals. 

M the modern Hades system. These England, Wales, SW Scotland 


FRANCE has suggested for the The ministers’ talks, M the modern Hades system. These 
first time that it will involve Mitterrand said, covered "essen- new missiles have a range of 
Bonn in discussions of its tialiy the modern isation of 350 km and might in theory 


and who has not had formal I nuclear deterrent, where this French forces at the tactical become an element in front- 


training in disciplines such as 
marketing or finance. Alliance 
shows many of the instincts of a 


Showers with sunny intervals; 
mainly dry later. Max. I3C 
(55F). 



affects West German security, level — not necessarily belong- line defence against an invasion NW Scotland. N Ireland 


Speaking yesterday in Bonn ing to the 1st French Army — M Mitterrand’s cautious re- 


st the end of the first of what and 


consider marks amount to a formal break 


natural trader. He wili, for are to be regular summit meet- problems oF security specific to with the traditional French Best of Scotland 
example, press samples of cloth ings with Chancellor Helmut West Germany but related to doctrine— in force since France Showers with s 


Showers with sunny Intervals; 
rain later. Max. UC (52F). 


into the bands of visitors to 
demonstrate a point about Van- 
tona products. 

He has; nevertheless, pursued 
broadly -the same management 


Kohl, President Francois Mitter- Franco. These should be left Nato’s military wing in 
rand of France said this would examined beforehand by France 1966 — of complete French Inde- 
be one step toward “ an align- and Germany." pendence in nuclear planning, 

ment of defence doctrines to- The 1st French Army is To a large extent, his remarks 


broadly -the same management wards a conception of common divided between south-western cap a ’ development in French 
philosophy for the whole of his defence,” as envisaged by the Germany and eastern France, thinking, evident during M 
Mnor in T ■anrnshire. with the rFanco-Gennan treaty of 1963. where it has medium-range Vaierv G is card d’Estaing’s nresi- 


Showers with sunny intervals; 
Max. 10C (50F). 

Outlook: Little change 

- WORLDWIDE 


career in Lancashire, with the 
■gmphaas heavily on decentral- 
isation. Each unit is its own 


Foreign 


i treaty 
and 


)f 1963. where it has medium-range Valery G is card d’Estaing’s presi- 
Defence Pluton nuclear missiles, able to dency, away from the defence 


the advice of the very small 
bead -office team but never able 
to hide behind it, Every subsi- 
diary managing director knows 
he is only on the end of a 
telephone fine: To demonstrate 
a point Alliance will lift up the > 

phone and ask -the man in Continued from Page 1 
charge for figures on production, { 


ministers of the two countries, destroy hostile targets in West of French borders towards more 

orofit^centre able* to draw on I w ^° . met six hours for Germany. extensive security perimeters. 

■ - - 1 security discussions on Thurs- Bonn has long wanted to be The President suggested as 


security discussions on Thurs- Bonn has long wanted to be The President suggested as Aifisna 
day, wia form a regular com- consulted over the targets and much when he caid, in discuss- 
mission ait the biannual operation of these missiles — ins new missile technoloev. (*«(„■< 


AiaeeJo F 21 TO L Angt F 

Algiers C 17 63 UncnaSg FA 

Amsdm F 17 63 Luxor S 


n .. m. ^ , 


Wf ? *^.*^*4*k 

'•■'‘rSKfegP 


=a io so 

S 33 91 
C .IB M 


mission at the biannual . operation of these missiles— ing new missile technology, Beirut 
summits and will appoint sub- particularly because they are “geography also determines our Belfast 
groups to study specific issues, soon to be partly displaced by strategy." 


Continued from Page 1 


Decentralisation is ^ his great [ International Signal Tmnorts 

guiding philosophy. “I am try- .. . . . ... ^ JUU r Vi ^ 

toe 7 all the time to encourage J™*? 7 '’ endorsed this attitude, company is very happy with the , * , „ , * 

SSpte to be independent and rn\ ls »°t f H®f ed ove , r - transaction. You must remember 

S^tive.” he says. “It is this subscription. The offer for sale that the offer for sale was under- action should be taken. 


which has enabled us to do so 
weN at Vantona when the rest P«ca. 
of Lancashire has been in such Alt] 
trouble.” time 

Outside Vantona, Alliance’s offere 
main interests apart from his man i 


ITT is not fussed by the over- transaction. You must remember t0 ^ ve decided that retaliatory ’ £ 
ibscription. The offer for sale that the offer for sale was under- action should be taken. chiegt 

as exceedingly difficult to written a month ago. The But they will stress that they 
rtca.” market has moved a long way are anxious not to appear to be corfa 


Athena S 23 73 Madrid 'C-.18- 64 

Bahrein S 31 88 Majorca F 'TO 68 

Barclna C 20 68 Malaga. F 22 72 

Beirut — — Malta Th 19 6B 

Belfast F 9 48 M'ebstr C 9 48 

Balgrd S IS 64 Melfana — — 

Berlin S 15 69 Mx- C — — ■ 

Biarritz R 13 55 Mlamlt F 22 -72 

Bmghm C . 10 .60 Milan R 15 69 

Blackpl F 10 50 Monnlt C 2 3B 

Bordx R 13 55 Moscow C — 3 2 

Bouton C 11 52 MunloB S 13 55 

Briatd F 11 52 Nairobi — “ 

Brussels F .19 68 Naples C 20 68 

Budpet F 16 61 Nassau — ” 

Cairo . F 28 79 Nmsd C 8 46 

Cerdfff F 12 54 N York — — 

Cas’b'ca — — Nice C IB 64 

Cape T S 28 82 Nicosia F 25 77 

Chlcgt F — 6 '21 Oporto • F- IB 6? 


But they will stress that they £^“ n ® | IS 51 J 1 *® 


Although it was the second since then. There has been a 
time this year that ITT had exhilaration s urrou nding 

offered shares m STC . Mr New- tile STC Offer.” 


are anxious not to appear to be Corfu 
starting a general trade war. o«nvt 


uuisiuc rauuHio, ewau w a offered shares in STC, Mr New- TC _. _ awuu ru u»u»uauam >-»■* 

main interests apart from his man insisted a further sale was - 011 “e London be spoke at the Motor Show in 

family — he has two grown-up not contemplated. He said: “ITT stock _ market is unusual in that Bir mingham earlier in the* week, u™".? 

children— are Jewish charities, to not nibbling away and wait- ^ U.S. origin it is H ., itig t TOanv Dew ,i e Funchal 

-g- tTW 

£t v““- ■ a™ hours after STC SLeiSS' ^JSfn^SlSSS & ^e UK's ..commiaieat ovnw 

tana was to supply expertise to 


artmg a general trade war. o«nvert 
Mr JenkUCs wish for firm obnlnk 


Cpnhgn S. 13 55 parti 

Corfu F 22 72 Perth 

Dcnwort F 2 38 praqua 

Dublin S 11 52 R^rttivk 


C IB 64 
F 25 77 
F- 15 59 
C 5 « 
C IB 61 
S 29 84 
C 10 60 

C 3 37 


Mr JenkULS wish for firm Dbrvnk fi 22 72 Rhodaa S 24 75 
action was demonstrated when ] Ednbgb c 10 s& nig rr zz 


he spoke at the Motor Show in I J; aro 


Faro S 19 66 Ronw C 21 TO 

Rorenca C IB 61 Salzbrg S ™ 

Frenkft C 13 55 S'como 

Funchal C 19 66 s Mritz — — 

Gbhowb C 10 60 singapr — 

Glbrftr C 19 66 s*tlano “ IT 

Gl'ag'w C 9 *S stekhm F 11 “ 

QVnsay C- IV 52 straabg C H - 82 
Holoinkl C 8 48 Sydney — 

U D m Ta -f- — — 


^ ISJSn Cimutission-s regulations iratUd I S3 I 


dealings started it was an- f Drn , it W to tree trane oy exporong into 

is ‘■sot “losses 

vote man.. however, with a dis- shares, including those of STC, *> *** 

creet personal life style, with Bp ?£2?°52 said ^ esterda y when told of the ties if they threaten the stability 

cr>Hectme- -antiques and works Si ISC oversubscription: “That is and eqxuhbntmi of open trading 

times the number of shares marvellous news, men dealings relations, and we will take ^ JJ* 
available. hi ISC start next Wednesday action," he declared. tocam* 

Mr John Crosland, of Robert it’s going to be a lot mece hectic Spaniel car imports, mainly London 


IV 111C uaus *rj uiivluu^ uu-u u « . a 79 Ti T...f.;nr — — 

Britain from their highly-pro- ) nn8 brif s ib « rS^viw f zb ti 
tected home markets. - hnrmas F‘ io so Tonodts; F » » 


ected home markets. - fnvmas f - io so Tonoritaf F 24 ^ 

"We do ^t like tSSU S ‘S’ Slffitt 1 I J » 



coHectmg- -antiques and -works 
■erf art one of hto forms of reljx- j 
a tion. In his Manchester office J avajlaDie - 
ttore are Lowrys on the walls. | Mr Joh 


10 90 Tunis .5 

and equilibrium of open trading Jo'hurn f 17 aa vaicnda r 

relations.' and we wfll take l wm» f m ^ c 

action, he d e clared. Locarno C M 57 Wnraiw s 

R panich C3T imports, wurinly London R • 11 52 Zurich ' T 

Ford Fiestas, account- for about c ~ c ' enj ^ y - 
f Per cent of car sales in the 

LHS. t No&n GMT HRmnntft 


L Plana F 24 75 V*rrie« 
LIthon R 17 63 Vlann* 


Locarno C 14 S7[WnraRW & 


He must have been pleased to Fleming, the merchant bank than it has been today. Unlike 
find Bill Fieldbouse’s London which brought ISC to the mar- STC. this is a stock with novelty 
office aiso had a Lowry. - -ket ' said yesterday: “The value.” 


R— Rain, S — Sunny. Sl- 
Sn— Snow, T— Thund 
t Nofln GMT nunporst 


C 2 38 
S 26 79 
R 17 <B 
C 18 61 . 
S-15_R|j 


■«9 


MSLm. V 





Many leading commodity aid of these sydaiK. 

financial futures invesfeoarshave _ Therqjort analysestiie mei 

aduevedroiiarkabIeresublv^ J ^ ofsodieoftetnore^iicces^ 

taking advantage of technical trading schemes currently available in 
systems Which use the fcdfestih : . Europe and summarises why t 

cQQ ^Ptite r techndc^y. Th^tseardi : type of trading has aftrarfp^ a 
department at inberComm^Ses " - an foRowing in tfai 

limited has produced a rgapn - • -UiritEdStab^. ' 

“producing the enonnouspotieitial To find out why, doiitadras 1 


.conpHna pf.thfa rMNrepilwIn liny mww li nor'pinnltred without prior coni«»» mt 
pit OSes. -. Prmwd b* rCfamtet r Prow -facJxnd . BubHefiod bv 

r *-w« - , . * S. feJSs’flsLf 


.. K ■ . Jl- J -tf* 1 ■ * U--